Square Inc. Class A (NYSE:SQ)

Strategy Session July 16th, 2018

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SQ Weekly Chart

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  • BobbyG: $SQ Making another nice move up after an inside day. Calls are working, but tightening my stops a bit.
  • optionswealth: @BobbyG $SQ Yep, I held through yesterday after entering on Wednesday. The chart looks good and not down much yesterday. This morning is making up for yesterday and moving beyond on a slightly down tape day.
  • rverkamp30: @optionswealth $SQ Would you be adding RHRN?
  • champ: @BobbyG $SQ @ $52 ---- Tech stocks are all hard to hold...but I posted the other day, that this stock could hit $55...in the short term, that was my guess and when the markets turn, this could bounce even more....and there is a little news today about M&A....they acquire Zesty and it looks like the market, is thinking that is positive for the stock...I'm still holding.
  • BobbyG: @champ $SQ Earnings are May 2nd. I am playing calls because volatility is starting to trickle up. I agree with the 55 target, but I am happy here if it doesn't make it. Tight stops now.
  • optionswealth: @rverkamp30 $SQ Monday is often an up day, at least first thing in the morning as a rebound from today. It remains to be seen, of course. It has held in there strong today. So, in this market, I wouldn't add because of the weekend. I would look at it Monday.
  • optionswealth: $SQ I like how it ended the day.
  • optionswealth: @BobbyG $SQ Same here. Take a look at your MACD which is still rising and more to go. I'm watching the strength of the MACD for the next few days. Earnings are on 5/2, which is a catalyst. $AXP, a processor, had good earnings. $V reports on 4/25 and ...
  • optionswealth: @grcjr $AXP Helping $SQ & $MA move up from the low this morning, also. I didn't look at $V chart.
  • BobbyG: $SQ Also like this one holding above 50. Holding for a potential run into earnings.
  • BobbyG: $SQ hanging out above the 20 DMA for the first time in a while. Starting a position.
  • champ: $SQ still working on News...Day-2 on this move... posted yesterday.
  • champ: $SQ @ $51....#News is now coming out at briefing ...they are actually buying the stock...on BriefingTrader...RHRN...just posted at 12:11 ET...I just added...my target is still $55 ..short term...the stock is still 20%...under/off the March high
  • captron: @champ $SQ #News I saw a $65 target the other day on Market Watch. Profits were tied to Bitcoin or something like that.
  • woodman: $SQ makings of a run into earnings. I've been re-accumulating down here at the 50 day-ish
  • Gary: ...
    COTD: $BBX – squeeze scan entry yesterday. Exit this morning below $10.
    $SPX – bull/bear push.
    $DJI – top of range and due for rest. IBM hurt the Dow today, AXP will help tomorrow.
    $DJT – up today on strong numbers from CSX ...
  • optionswealth: @woodman $SQ Took a little at the close. It had a good move today. It is now above the 50 and sits on the 20 day sma. The MACD has turned upward and everything is just at/moving above the zero line so if the overall market stays green we should have a good move RHRN. Earnings on 5/02 after market close and following pre earnings moves, they seem to be happening later, not this far out. AXP reported after hours and is up 3.3%. Usually this moves all these processors in anticipation that they will have similar results. After all that, the only comment I can make is that I hope the market continues upward tomorrow and SQ continues to have traders wanting in.
  • champ: $SQ @ $49.30 --- This is a strong move this morning....mostly all buyers...not many sellers....could have a fast move back to $55...if the markets hang-in...I have a position.
  • BobbyG: @champ $SQ It keeps failing at the 20 DMA. If it breaks I'm in!
  • Junior1: @champ $SQ Largest position that I have in LT accounts. Hodl'g. I keep selling upside premium... better than a dividend stock... by far.
  • Workinman: @Junior1 $SQ I'm doing the same thing you are with $SQ.
  • champ: @Junior1 $SQ ---- If the markets are turning and I posted over the weekend that I believe they will because of earnings....my guess is, if that happens... this stock could move back up to around $55, real soon...maybe even by the end of the week....but it is all about the markets. Good Luck!
  • martyrb3: @champ $SQ I'm in too. BUT...did see this yesterday. Thomson Reuters/Verus downgrades SQUARE INC from HOLD to SELL.
  • spmeyers: $SQ making a move
  • Junior1: $SQ Bearish engulfing on the daily
  • issues: Maybe I'm a slow learner but I still like $ANET $SQ $BZUN $WB $TAL & $FAS... I am holding these and will wait for a green day to add. I just don't understand why folks would be throwing the baby out with the water. Maybe some of the Big Boys are thrashing ANET making it a "broken stock". This could be a strong reversal but it bounced before.
  • Beaver: @issues $ANET $SQ $BZUN $WB $TAL $FAS Kind of feel the same way about several of these stocks. Please pass any good/bad responses along. Thx
  • issues: @Beaver $ANET $SQ $BZUN $WB $TAL $FAS Are you putting any stops in place?
  • nestorsch1: @issues $ANET $SQ $BZUN $WB $TAL $FAS I feel the same way. I placed a stop quite low and I was kicked out any way, who would have imagined a 9% reversal? But I must say that I tend to chase the stock and I don’t want to continue doing that. I tried twice with $ANET and got kicked out badly. I don’t know what to do and if it merits coming in again...
  • BobbyG: $SQ Making another nice move. I like this here above the 50 DMA. Small call position with a tight leash.
  • woodman: $SQ - I bought it last Thursday. It dipped the next day but held long term rising support. It's looking decent here ... or at least looking like it is done pulling back.
  • kt4000: I too bought $RSX all good thanks for the suggestion Dan.... $FTNT strong w/ no overhang, $SQ still working for me.
  • kt4000: $FTNT adding more here, $STMP also - staying put on my LT Positions $AMZN, $AXTI, $EMR, $GS, $JPM, $MMM, $SQ.
  • woodman: $HUBS $SPLK $NFLX $GMED $SQ $NKTR $XBI $MU (MU - with stop below Friday's intraday low). - If "brave" enough to trust this Market, here are a few that look in decent, or potentially decent, spots.
  • spmeyers: @woodman $HUBS $SPLK $NFLX $GMED $SQ $NKTR $XBI $MU I think I'll watch and see what happens when the "brave" guys jump out of the foxhole! :)
  • woodman: @spmeyers $HUBS $SPLK $NFLX $GMED $SQ $NKTR $XBI $MU :-)
  • kt4000: Bought $ABB Yesterday sold today bonus Dividend, $PYPL last few days sold today, in $JPM, $GS, $AMZN bought on dip keeping, $SQ still buying under 48.50, $FTNT under 55 hold until and maybe thru earnings also have $EMR, $STMP, $AXTI will hold thru higher level on S&P 2700+. No complaints here
  • traderbren: $SQ - could offer a low risk opportunity to start a position after this sell off. Still below the 50dma, but took a starter on this mornings purge. Or you could wait till $47.50ish to dip your toe in the water.
  • DAN: $SQ -- rebounding this morning on heavier than average volume. I started a very speculative, tight-leash position with a stop a bit below the 50-day moving average. This stock sustained a steep selloff, but the support looks solid, so I'm just looking for a scalp. I'm trading the chart, not the stock.
  • grcjr: $SQ up nicely.
  • grcjr: @DAN $SQ - I have a 1/4 position from yesterday. Calls Apr $48. Not giving it much room to drop on me.
  • DAN: @grcjr $SQ Agree. Not much room.
  • puttz: @DAN $SQ In at $48.32. At what point do you add to your position if at all?
  • Junior1: @DAN $SQ Pretty nice chart actually. Strong support here at February high, which coincides with March BO level. Long w/ covered calls
  • DAN: @puttz $SQ I won't add to it. Not planning to. To be honest, it's just a very small trade that I have little conviction in.
  • puttz: @DAN $SQ Thank You
  • Robert1965: @DAN $SQ What is the scalp price
  • issues: @Junior1 Excellent point Junior. I agree that it's a strong possibility with IBD saying we're in a correction. But Champ also made some good observations today. But the economy is good and one of these days the market will reverse back up. This is the last trading day of March, so I'm betting that April will be good.. Then there's sell in "May and go away." Which may not be the case this year. For me, steady as she goes. I am trying to do like Dan and not trading my Long Term Investments. But I keep violating that. I bought/added to theses : $CASA $PYPL $TAL $SMH $SQ $BZUN $AMAT $CNC $NVDA
  • grcjr: $SQ almost touched the 50dma. Watching to see if it holds. The lower BB has been a better add point (not that much lower). Wait for support.
  • tigerjohn8: @grcjr $SQ I was stopped out this morning. But I got a hunch it's going to reverse big and leave me behind (paranoia)
  • grcjr: @tigerjohn8 $SQ - I have alerts at $46 and $48 to bring me back.
  • tigerjohn8: @grcjr $SQ Thanks I was stopped at 47.78. God I wish I had made that a couple dollars tighter
  • tjv821: $sq does this have a big China presence to why it’s getting crushed??
  • DrScience: $SQ feeling good about making 52-week highs day-after-day, walking the upper Bollinger band.
  • BobbyG: $SQ still making moves
  • genki: $TAL$SQ@Dan For these two stocks, how would you set stops for swing trading positions. Thanks.
  • spmeyers: @genki $TAL $SQ a lot of breakouts have failed lately so I'd be careful with $TAL
  • genki: @spmeyers $TAL $SQ A 3% trailing stop?
  • spmeyers: @genki $TAL $SQ that's pretty tight but safer than putting it below today's low (which would be the textbook stop I think)
  • BobbyG: $SQ Well now we are late to the party unless this is an all nighter. Looking to open an Apr straddle EOD and see if the trend continues over the coming days. I feel like chasing calls in this environment is not prudent. IV Rank is 37, so not buying high.
  • Junior1: @BobbyG $SQ When I sold upside calls (55.0) on the 7th, against my long position, I did not foresee this ramping up 14%.
  • bwcarnation1: $SQ nh on vol
  • Robert1965: $SQ Yes
  • DrScience: @Robert1965 $SQ On a down day in the market, a ray of sunshine... New all-time high.
  • grcjr: @bwcarnation1 $SQ - Good morning. Yes, a nice move this morning. I'm not buying or selling at this time. It has been running the upper BB. Although still a higher price today it is now a bit below the upper BB. The volume has been declining the past week. CMF, ADX, MACD still all positive. It just feels like it is pausing. I'd like to see some consolidation letting the averages catch up a bit. Slipping back now. Swish and flick: Wingardian Leviosa.
  • optionswealth: #Markets Most everything that I follow that was green first thing this morning seems to be rolling over with the rest of the market, even $SQ.
  • jeffslm: $SQ - up 5%
  • BobbyG: $SQ I am one of the "weak hands" that got stopped out yesterday. Well played institutions. May open a straddle, but for now just sitting on a bunch of wide spreads and cash.
  • rachel: ...
    $SPX – 2800 resistance. Yesterday A/D line hit a new high...When things can’t get any better....
    $VIX – back up.
    $DJI – 50% between last low and high.
    $DJT – ok. Here are a few possibilities.
    1. $JBHT – reports ...
  • DAN: Good morning. It always feels good to return to work after taking some time away from trading. This time is no exception. But...I wasn't completely out of the loop and did do a bit of trading. Given how the market acted last week, how could I sta ...
  • BobbyG: $SQ still working. I think a lot of you are in this - happy trading. Moving my stops up a bit for now.
  • Allen: $EDIT $CASA $SQ All at ATH. Blue Sky territory.
  • BobbyG: $SQ is still working. Holding a Apr 50 call
  • BobbyG: $SQ Adding to position. Leaving 50 in the dust.
  • champ: @BobbyG $SQ --- You must remember ...Partial profits are warranted into this breakout, along with tightening of bracketed stops...because of risk management. I will just say....this stock is loaded-up with Day and Swing traders....all be aware....we are all making $$$$ but on a turn ....it is always hard to know how it will play out. But for now, its a go...let it run.
  • BobbyG: @champ $SQ Thanks Champ, I appreciate all of your posts. I tend to move my stops up to hold some profit but I started a small position on this one so I needed to add to approach an "optimal position size". Still a bit gun shy so my position sizing has been smaller lately. Market seems to be repairing and I expect that to continue as long as the information this afternoon points toward leniency. Let your winners win - No need to pick your flowers while they are starting to bloom.
  • champ: @BobbyG $SQ ---- #MarketDirection ---- Yes, thats right and the close today, will be very important...for this stock and the markets...... because President Trump, will be making a statement....#News on what will be happening.... regarding #Tariffs at 15:30 ET... and that will have a #High-Trading-Impact..on the markets....this is why the markets are not higher because all New Entries are on hold....#all-be-aware.
  • DAN: $SQ -- breaking out above $50 and holding. I have a position in this stock and added to it this morning. I'll now be in "hold" mode.
  • DrScience: $SQ pushing to new all-time high. Lower Bollinger bands constraining upward momentum.
  • BobbyG: @DrScience $SQ Thanks Doc! Was just about to look, I was hoping it would hold 50 yesterday, but I'm getting back in.
  • debeers: @DAN $SQ -You know charts. You have no idea what the word vacation means.LOL
  • woodman: $SQ - liking this move.
  • DAN: @debeers $SQ LOL. I know. But I just thought that it was important to poke my head in because of the volatility around Cohen's departure. Didn't want to leave anyone hanging.
  • DAN: @woodman $SQ I have a full position on this stock. Looks like strong accumulation to me. Added to $BLUE too.
  • BobbyG: @DAN $SQ $BLUE I bought some $SQ Apr 50 calls for about 4 bucks. IV Rank is about 47. I was debating myself about the entry point and my bull side won...
  • Junior1:
  • GOOSE: @Junior1 $SQ I'm going to have to do the same with $MU and $WYNN, but I'm going to do it Friday after all the time decay is squeezed out. Am I missing something, or do you know something I don't?
  • BobbyG: @Junior1 $SQ There was some talk about SQ setting up to accept bitcoin which sparked the first big move a couple days ago. Not sure if that is still continuing to push the stock higher.
  • GOOSE: @Junior1 $SQ OK, whatever works for you. ;>)
  • DAN: @BobbyG $SQ $BLUE I think you're good. Never know for sure, but this is a pretty clean breakout. The next few days will tell us a lot about the market's appetite for SQ.
  • debeers: @DAN $SQ -A Cohen, my mother, departed 6 years ago; on the other hand, Gary Cohn announced he' was leaving late yesterday although his actual departure date is still up in the air. I'll let my mother know that you mentioned a Cohen today. I don't need to tell her which one.................
  • champ: @debeers $SQ --- He did announce before the Tax Bill was finish, that he might leave after. He had to resign because he could not come out publicly and say that he supported the #Tariffs and the WH policies...on Tariffs, is what I read, he was more or less asked to resign because you have to support the WH policies or you really can't work in the WH, it is really that simple. There is also news, that he's staying until he's replaced and that he could come back but with a different title. Many Generals resigned under Obama because they could not support his policies.
  • DrScience: @Ajax4Hire $MU It depends on your timeframe, but an observation... Selling front month calls against back-month long options is less favorable than rolling up (or up and out) the long calls because rolling up takes money off the table, but still offers the opportunity to sell even higher calls should today's 4% gain not be the end of the move. As @Forexpro noted in the past, as OTM calls move ATM, the volatility premium, i.e. demand for now newer, higher strike OTM options expands. I forgot that principle on some $SQ options last year, and paid a price for getting behind the curve on the way up.
  • Ajax4Hire: @DrScience $MU $SQ My primary goal is income. So I am looking for opportunity to buy stock on the up-swing, sell covered calls and split the gain between the premium and the strike price. I am too ADD* to timeframe for more than 3-4weeks, willing to forgo larger gains for cash. Perfect is the enemy of good. Know that the greatest "velocity(d/dt)" is after the move begins. *ADD - Attention Deficit Disorder.
  • BobbyG: $SQ Hammer Doji after suspected profit taking earlier today. I entered this trade to early and got stopped out, but looking at re initiating if it goes back above and holds 50 bucks.
  • Junior1: $SQ working its way up @ 47.66 rhrn, needs to break above 48.00 (most recent high). ATH is 49.56... soon every one is a winner
  • optionswealth: $SQ No position, but $SQ has been green all morning.
  • Junior1: @optionswealth $SQ Just sold Mar 9 calls against oversized position. It makes sense for this to struggle with the round number of 50.0
  • BobbyG: $SQ officially in ATH territory on volume. Starter call position.
  • Spotdog: @inthemoney $SQ Bought more this morning
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Stock Price $USD 70.41
Change 0.13%
Volume 9,256,560

Square Inc is engaged in providing solution from payments and point-of-sale services to financial services and marketing services. It provides a free software app with its hardware to turn mobile devices into powerful POS solutions in minutes.

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