This story was originally published here.
Tech stocks are stole the headlines yesterday with the Nasdaq-100 officially reaching a record high. In celebration of the milestone, and to help you make some dough, here are three Nasdaq stocks to buy.
Some would say yesterday’s push into all-time highs was inevitable. Large-cap tech has led the market recovery since day one. Relative strength was even its loyal companion during the March massacre. Compared to the broader S&P 500’s drop of 36%, the Invesco QQQ ETF (NASDAQ:QQQ) was only down 31% at its trough.
While it’s true that the market recovery has broadened out to include small-caps and sectors that initially lagged, it hasn’t come at the expense of the tech sector. We’ve seen a slight slowing in the ascent over the past two weeks, but all support zones have held firm, and the uptrend remains intact.
Let’s take a closer look at the price levels that need to be broken before you pile in with new trades.
Nasdaq Stocks to Buy: Apple (AAPL)
Source: The thinkorswim® platform from TD Ameritrade
As the largest holding in the Nasdaq-100, Apple deserves the first mention. Unlike QQQ, AAPL stock hasn’t eclipsed its February peak at $327.85. As of Monday’s close, it was still 1.7% away. The silver lining of not yet breaking out is we aren’t forced to chase. Instead, we can build out a bullish strategy conditional on the tech giant clearing resistance.
In fact, the longer it coils up here, the more compelling the future resistance breach becomes. Longer-term bases usually yield bigger rallies than those comprised of only a few candles. Another reason the pause is welcome is it allows the stock to work through the overbought pressures arising after April’s ascent.
The volatility lull settling on Apple shares has driven options demand into the toilet. The implied volatility rank is only 11%, reflecting cheap premiums.
Once AAPL closes over $327.85, consider buying call spreads.
The Trade: Buy the July $330/$340 bull call spread for around $4.
Editor's Note: Click here to keep reading.
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