If it fails, don't be surprised to see it at $20,000 or $19,000, because it should go above $34,000 in the next couple of days. It's not bad, and don't make fun of it, find an opportunity. This was what Nic Chahine, Chief Options Strategist and Benzinga Options said at the FinTwit Conference on Saturday.
Chahine said if people are in the business of investing and associate with the market, and you choose not to play with the biggest players, that is very surprising. They are super smart and cool. This is the best performing asset. Nothing will give you a return like these guys. Dogecoin DOGE USD and I bought Doge yesterday. The patterns play out because of the opinion. He said they were agnostic fundamentals.
Chahine said that market volatility is here and volatility will be here for a while. Options has two sides, you got calls in one hand and then put puts on the other hand. Neither bullish nor bearish. If you own Apple Inc AAPL shares and go on vacations, you can buy insurance with the options. That's a contract. They have terms and conditions, he said.
When a stock is reporting earnings, the option prices for that week are on steroids, he said. In the weeks when there is a vent, don't buy options. Chahine said that people should understand charts thoroughly. You should expand your timeframes on charts. If your idea is long-term, you are going to look at the long-term chart, but if your idea is more about the next couple of weeks, you should start with the long-term chart and then go down and look closer, he said. If you are trading for two to three weeks, look at a 30 minute chart. They are very helpful. That will show you good information, and it's granular enough to be accurate with the data.