The Bias for AMD is Up

$AMD

We got a continuation of Friday’s move today, and AMD 0.00%↑ now sits back above prior all-time highs of $165. We can see the breakout that took place when this last happened in January. The stock retraced (pretty neatly) and has now begun grinding higher again. The company reports earnings in 3 weeks, which is always a wildcard; but the bias right now is higher.

I’m playing this long bias via put spread sales, collecting premium on LEAP’s at price levels where I might want to own the stock. Those levels are defined in the extension chart above.