With a surprisingly strong labor market, consumer spending has remained resilient and e-commerce stocks like Shopify (SHOP) present attractive opportunities.
This price action indicates strength and suggests that the stock has found a strong base from which it can continue higher.
With the stock now trading above its breakout level and positive momentum continuing to build, the chart supports further upside.
The trade: To express a bullish outlook on Shopify, I'm suggesting selling the Nov 22, $82/74 Put Vertical @ $3.10 Credit.
This structure entails: Selling the Nov 22 $82 Put @ $5.85 Buying the Nov 22 $74 Put @ $2.75 View this link in OptionsPlay with updated pricing.
Persons:
Shopify, Shopify's
Organizations:
Forward, CNBC, NBC UNIVERSAL