If you missed the Nio stock explosion, you’re finally get a chance to buy the dip. Here’s the smart way to play it. His campaign says the stocks — worth up to $1.75 million — were sold in May. The president may argue that a subpoena for his records is a fishing expedition, a form of harassment or an impediment to his constitutional duties. Ubiquitous on Philly radio ads, Vagnozzi was fined for selling unregistered funds. He did not admit wrongdoing.
Spectators are finally getting their first chance to buy a dip in NIO (NASDAQ:NIO) shares since they exploded. After working on the third bar of its retreat on Wednesday, with bulls putting up a fight, NIO stock was down a whopping 13% in premarket trading as of 5:30 a.m. EDT.
After taking a fresh look at its red-hot chart, today’s article will provide trade ideas on NIO stock for both equity and options traders.
To be sure, 2020 will go down in history as the year of the electric vehicle stock. Tesla (NASDAQ:TSLA) has rallied as much as 329% so far and is the most popular and widely followed ticker in the industry. But its meteoric gains have been matched and exceeded by lesser-known newcomers.
Shanghai-based Nio was up 309% on the year at last week’s peak. And then there’s the insanity of Nikola (NASDAQ:NKLA), which rose as much as 811% before sellers finally struck. It doesn’t hurt that the stimulus-driven rally in the broader market off the March low has bulls running wild. Still, the magnitude of the ascents in NIO stock and friends has been astounding.
Source: The thinkorswim® platform from TD Ameritrade
The importance of last week’s breakout can’t be overstated. It allowed NIO to finally clear its post-IPO base and put all resistance levels behind it. From a technical perspective, there’s perhaps nothing more powerful than a stock finally emerging from the trading range carved out in the months following its public debut. For NIO, it took over a year-and-half, but better late than never.
Pushing back into the range would sour my outlook, so $10 is a crucial level to watch moving forward. If the principle of polarity holds, this old resistance zone should become new support. The fact that $10 was a significant ceiling makes it all the more likely that buyers swarm to its defense on subsequent retests.
Patterns in the volume indicator are also bolstering the bullish view. High volume has accompanied the rally virtually every step of the way. The groundswell confirms big buyers are pushing in. Their participation makes the nascent uptrend more robust and sustainable. It also increases the likelihood that dips — like the current one — get bought.
Drilling down to the daily shows just how parabolic this month’s rise has been. Even though we’ve dropped for three bars, the 20-day moving average is still a mile away. A deeper retracement would create a better risk-reward setup, but if bulls remain aggressive, we may not see much more weakness. Either way, as mentioned above, I think you have to view this as a buying opportunity.
Source: The thinkorswim® platform from TD Ameritrade
Let’s look at two trade ideas, one for stock and one for options.
Even though Wednesday saw NIO stock printing an inside bar, the candle high is still lower than Tuesday’s. To decrease the odds of buying before the dip is done, I suggest waiting for a break of the previous day’s high before pulling the trigger. That puts the line in the sand at $13.95 for now. If Thursday prints a lower candle, then use its high to trigger in on Friday.
If you want to increase your probability of profit, you could opt for selling puts instead of playing stock. Because of the sky-high implied volatility, premiums are pricey. Instead of buying shares now, you can get paid to acquire them lower by selling puts. Since $10 should provide some support, consider selling the Aug $10 puts for around $1.15.
You will capture the $115 per contract if NIO stock sits above $10 at expiration. If the stock drops below $10, then you will be obligated to buy 100 shares at a cost basis of $8.85.
Tyler Craig is a member of the Chartered Market Technician’s Association and holds the CMT designation. His entire adult life has been dedicated to helping individuals learn how to trade as an elite instructor and personal mentor. To join his team and the best trading community on the planet, click here. At the time of this writing, Tyler didn’t hold positions in any of the aforementioned securities.
Author: By Tyler Craig, Tales of a Technician
Joe Kennedy says family trusts have divested from fossil fuel companies
During a Senate primary race forum Wednesday night, Rep. Joe Kennedy III was asked if he would commit to divesting from the fossil fuel industry.
It turns out that he — or, to be more specific, his family — recently did.
Kennedy was a beneficiary of family trusts that contained hundreds of thousands of dollars worth of stocks in fossil fuel companies, including Chevron and ExxonMobil. The investments — first reported by Sludge back in 2018 — had become a point of criticism against Kennedy in his bid to unseat Sen. Ed Markey, the co-author of the Green New Deal, which calls for zeroing out carbon emissions in the United States through the widespread adoption of cleaner energy (Kennedy also supports the ambitious resolution).
However, according to his Senate campaign, the fossil fuel stocks, as well as several pharmaceutical stocks — all held in trusts controlled by Kennedy’s mother’s family — were sold at the end of the May.
“Congressman Kennedy was formally notified of these divestments last month,” Emily Kaufman, the communications director for Kennedy’s campaign, told Boston.com. “He has never exercised any control over his family trusts, but fully supports the decision to divest.”
Kennedy is not personally invested in the fossil fuel or pharmaceutical industry, according to his campaign; nor did he push for the divestment of the holdings this spring, even if he supported the trustees’ decision.
According to his campaign, the assets that were sold include stock in Chevron, ExxonMobil, and NextEra Energy, a Florida-based utilities company. Those holdings were each respectively worth between $100,001 and $250,000, between $500,001 and $1 million, and between $180,004 and $450,000, according to Kennedy’s 2019 financial disclosure forms, which were filed on May 14. They also sold between $15,001 and $50,000 of stock in Schlumberger, a multinational oilfield services company.
The trustees also sold between 65,002 and $150,000 in stocks in Abbott Labs, an Illinois-based medical device company; between $300,002 and $600,000 in Johnson & Johnson; and between $50,001 and $100,000 in Walmart.
According to the personal financial disclosure form filed in May, the trusts are largely invested in blue-chip stocks, including well-known companies like Alphabet, Amazon, Coca-Cola, Facebook, McDonald’s, Proctor and Gamble, Verizon, and Wells Fargo.
Kennedy also still stands to benefit from $16,002 to $65,000 in Pfizer stock, as well as between $500,001 and $1 million in Merck & Co., another pharmaceutical company.
During a virtual youth forum Wednesday night hosted by Boston Climate Strike and and the gun safety group March for Our Lives, Kennedy was pressed on whether the fossil fuel investments would impact his ability to take on the climate crisis.
While the congressman’s Senate campaign against Markey has incited intense backlash from many environmental activists, Kennedy’s campaign has tried to highlight his own progressive stances on climate change, including support for net-zero emissions, carbon pricing, and a ban on fracking on public land.
Kennedy said Wednesday night that no one could point to a time that the stocks “ever impacted” his voting record.
“Those assets have been divested months ago,” he added.
Later during the forum, Kennedy was asked if he could provide proof that those assets were sold. Kennedy answered “yes.” His campaign says the sales will be reflected in next year’s financial disclosure report.
Nik DeCosta-Klipa, Boston.com Staff
July 16, 2020 | 8:38 AM
Battle over President Trump’s financial records resumes in lower court
WASHINGTON – The legal battle over President Trump’s tax returns and financial records resumed Wednesday following the Supreme Court’s ruling last week that the president lacks immunity from criminal investigation.
Lawyers for Trump and Manhattan District Attorney Cyrus Vance Jr. agreed that the president should make any new challenges to a subpoena for those records by July 27. That would begin several weeks of briefing to the federal district court by both sides.
“If the president has anything left to say, the ball is now in his court,” said Carey Dunne, general counsel to the district attorney, in court papers.
Vance’s office is probing alleged hush-money payments that Michael Cohen, Trump’s former lawyer, said were made to adult film star Stormy Daniels and former Playboy model Karen McDougal during the 2016 presidential campaign. Both women claimed they had affairs with Trump, which he denied.
More:Supreme Court says President Trump cannot keep tax, financial records from prosecutors
“It is the president’s position that further proceedings are necessary,” said William Consovoy, one of Trump’s private lawyers in the case. “In those proceedings, the president will file a second amended complaint in which he will raise arguments that the Supreme Court held that he may make on remand.”
The president may argue that Vance’s subpoena amounts to a fishing expedition or a form of harassment. He also may claim that it is in retaliation for Trump’s official actions or that it impedes his constitutional duties.
Vance’s office told the court that the case should proceed quickly because of “continuing concerns about the potential loss of critical evidence and expiration of statutes of limitations.”
The Supreme Court ruled 7-2 that Trump does not have immunity in the case, a decision that favors Vance going into the new round of litigation. The records being sought are held by Mazars USA, the president’s accountants.
At the same time, the court temporarily blocked congressional investigators from gaining access to many of the same records. It sent the effort by House Democrats back to a federal appeals court for further review.
More:Year of surprise Supreme Court rulings shows influence of Chief Justice John Roberts
For the time being, that means the public won’t see Trump’s financial documents. Grand jury investigations are secret, and three House committees won’t get the records in the midst of the presidential campaign.
SEC fines Dean Vagnozzi and his firm A Better Financial Plan about $500,000
The Securities and Exchange Commission on Wednesday said it fined businessman Dean Vagnozzi and his financial firm, A Better Financial Plan, roughly $500,000 for securities violations, and ordered him to cease certain investment activities.
As part of the settlement, Vagnozzi did not admit wrongdoing and is suspended from acting as a broker for 12 months. His lawyer, John Pauciulo, did not respond to requests for comment by email and phone.
A Better Financial Plan is Vagnozzi’s company based in King of Prussia. Vagnozzi is president and sole owner, and raised more than $32 million for the Pillar Funds from 339 investors, with individuals averaging an investment of $97,233, the SEC said.
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About 46% of investors were nonaccredited, meaning they didn’t meet certain net worth requirements, the SEC found. The agency’s order did not indicate whether investors lost money.
Vagnozzi encouraged the public to “invest like the big boys,” and touted A Better Financial Plan as a way to buy life settlements, claiming they are the “highest yielding, safe” investments in the market, the SEC said.
One of Vagnozzi’s principal marketing techniques was to broadcast radio advertisements on Philadelphia stations. He promoted “double-digit returns without the volatility of Wall Street,” and invited listeners to call a toll-free number to learn about “an extremely secure investment that guys like Warren Buffet and other institutional investors have been using for decades,” the SEC order said.
He also hosted free dinner seminars to prospect for new clients, videotaped at least two, and posted them online for public viewing on his Vimeo channel.
In an April 2013 video, titled Flemings Steakhouse Presentation, Vagnozzi stated that he paid for dinners “because a bunch of you are going to become clients.” He then described life settlements as “an asset class” and a “private placement” opportunity where “the money is all pooled together” and invested across several policies.
In fact, Vagnozzi wasn’t selling life settlement policies, but rather, limited partnership interests in the Pillar Funds which, in turn, acquired fractionalized interests in life settlement policies, whole life settlement policies, or some combination of both, the SEC said.
Vagnozzi resides in Collegeville and is currently licensed with the Pennsylvania Insurance Department as an insurance producer. He was fined in 2019 — a state-record $490,000 — to settle accusations by the state securities agency that he was selling some investments without a license.
“This is the largest settlement with an individual in department history,” a spokesman for the Pennsylvania Department of Banking and Securities said at the time.
From May 2018 through September 2018, Vagnozzi also worked as an unregistered broker-dealer and earned transaction-based fees by raising funds for a separate entity, Fallcatcher Inc., the SEC said. Fallcatcher purportedly sold biometric devices and software to track patients receiving treatment for substance addiction.
This month, Vagnozzi returned the Fallcatcher shares to that company, as part of the SEC settlement.
Author: Erin Arvedlund
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