Just Floor It

Perhaps it’s because I’m fresh off attending my favorite sporting event of the year, the Long Beach Grand Prix, but my mind is all about speed and going fast right now. So, it’s a good thing “high velocity” is literally part of the name of this service, as that’s enough to satisfy my current high-velocity Jones.

Now, when I was learning how to drive race cars (one of multiple hobbies), my coach used to tell me that as soon as I straightened out the wheels after a tight turn, that I should “floor it,” meaning, of course, that I should push the accelerator pedal down as hard as possible to achieve maximum RPMs and maximum speed.

Your editor in the pit lane during the Long Beach Grand Prix pre-race activities.

Today, I also want you to “floor it” with this week’s new portfolio addition, and this time “floor” is literally in the name of the company.

That company is Floor & Decor Holdings, Inc. (NYSE: FND).

Floor & Decor operates as a specialty retailer in the hard surface flooring market. Its stores offer a range of tile, wood, laminate and natural stone flooring products, as well as decorative and installation accessories at everyday low prices. The company’s products appeal to a variety of customers, including professional installers, commercial businesses, do it yourself (DIY) customers and customers who buy the products for professional installation.

In 2023, traders have “floored it” when it comes to pushing FND’s share price higher. The stock is up 44% year to date, a move that’s put it in the top 7% of all companies in terms of relative price strength.

Perhaps most attractive here is the very bullish cup-with-handle technical pattern in the stock, where the “cup” began in February and continued up until April. Since April began, shares are forming the “handle.”

With the company slated to report earnings in a little over two weeks (Thursday, May 4), I think now is the time to add an out-of-the-money call option to our High Velocity Options holdings in order to take advantage of what I think will be a big breakout from current levels.

So, as soon as you receive this email, I recommend you take the following action:

Buy the FND July $110.00 calls (FND230721C00110000) at market, which last traded for $5.80 and expire on July 21.

Our official buy price and performance will be based on the time this email is sent.

Ok, now it’s time to floor it with FND, so get ready to speed up those gains!

P.S. Join Hugh Grossman and Ahren Stephens for their “DaytradeSPY Trading Room Open House” as part of the duo’s money-making challenge – to turn $2,000 into $10,000 in just 90 days. The LIVE Open House won’t cost you a penny to join but spaces are limited. Reserve your FREE spot today.

P.P.S. Come join me and my Eagle colleagues on an incredible cruise! We set sail on Dec. 4 for 16 days, embarking on a memorable journey that combines fascinating history, vibrant culture and picturesque scenery. Enjoy seminars on the days we are cruising from one destination to another, as well as dinners with members of the Eagle team. Just some of the places we’ll visit are Mexico, Belize, Panama, Ecuador and more! Click here now for all the details.

In the name of the best within us,

Jim Woods
Editor
High Velocity Options