One surging chip stock is leading the pack, and this trader bets on more gains $NVDA (via TradingNation)
, the ETF that tracks semiconductors, rose more than 3% on Thursday. Nvidia raced ahead of the group with a gain of about 7% and Gordon says it could continue to lead.
"Just to get the perspective and the context of how far we've come in this stock, it's been a monster. You can see the stock has just absolutely skyrocketed here," Gordon said. The chart is showing an increasing higher low bottom, he noted, and when connecting the highs, you can see resistance has been broken.
"This dotted blue line is the 200-day moving average — kind of use it as a ski slope. We went up, retested, and I'm wondering if we're about to launch from the ramp there," said Gordon., paying $14.23. The stock must be above $184 by expiration to be profitable. If the stock increases beyond the $14.23 paid prior to expiration, the trade can be closed for a profit.
"We have some intrinsic value there, which I like to do ahead of a breakout. Buying an option, paying a little bit more with this intrinsic value, I think gives you a little bit more time," he said.
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