| The Gap Event: Date: September 10, 2023 (following weak earnings and credit concerns) Previous close (September 9): $39.66 Gap down open: $35.41 Intraday low: $31.95 Closing price on gap day: $32.67 Current Situation (as of October 1, 2023): Current trading price: $34.66 Potential gap fill target: $39.66 This scenario aligns perfectly with our Gift Gap strategy. Let's break it down… Gap Size and Fill Potential: The gap from $39.66 to $34.66 represents a $5.00 drop (12.61%). Our strategy typically targets a 25% gap fill, which in this case would be around $35.91. ALLY is currently trading at $34.66, which means it has not yet begun to fill the gap. Upside Potential: With the stock currently at $34.66, we're looking at a substantial potential upside. A move towards filling the gap could unlock significant profits: a full gap fill to $39.66 would represent an impressive 14.43% gain. Even partial gap fills offer attractive targets - a 50% fill to $37.16 would yield a 7.21% return. This setup exemplifies why we love the Gift Gap strategy: it offers clearly defined targets with considerable profit potential. And to make things even more juicy, we use options to trade this strategy, which means returns can be amplified even further. Time Frame: ALLY hasn't started its run yet, but that's the beauty of it - you're right at the starting line. When the stock decides to move, it could be a sprint, not a marathon. I'd be surprised if its still trading at these current levels four weeks from now. Profit Targets: Given the current price of $34.66, consider setting multiple profit targets: - Initial target at $35.91 (25% gap fill)
- Secondary target at $37.16 (50% gap fill)
- Tertiary target at $38.41 (75% gap fill)
- Final target at $39.66 (full gap fill)
Your Action Plan - Stay alert for gap-down events, especially during volatile market conditions.
- Use the Gift Gap criteria to identify high-probability setups.
- Implement proper risk management, even with high-probability trades.
- Consider using multiple profit targets to maximize the potential of each trade.
- Keep an eye on broader market conditions, as they can affect the speed and likelihood of gap fills.
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