Entry comments: JNJ is a pharmaceutical company whose stock is trading well above the 10 month SMA. Barchart suggests it is posed to keep rising. It is rated bullish by the Chaikin Power Guage. It is trading underneath the upper Keltner channel, suggesting it is not overbought. The premium paid for the $165 Strike has a small enough time value that this strike price satisfies the 1% rule. The stock price has to rise $0.50 to break even and then start profiting.

Exit comments: Seems to be a movement downward in the stock market today. I was up $48 but after a $200 tumble this morning, I cashed out to try and have some trading account left to trade another day.