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Jeff Bishop: It’s hip to buy Square

RagingBullRagingBull ·

Jeff Bishop of TopStockPicks.com says that Square Inc. (SQ) has been beaten down to levels where he expects a reversal to play out over the holidays. Bishop earlier this week began purchasing mid-January $38 call options on Square, expecting the stock to bounce back to roughly $42 per share. Bishop made it clear he is not buying the stock for the long-term and that he ultimately thinks it could be headed down further, but he noted the stock’s recent movement makes it a swing trade now, noting that if it moves the 10 percent or more he anticipates, his options will be up more than 50 percent; he said he would set his stop loss at roughly 50 percent on the options, noting that he has 200 contracts purchased at roughly $2.


Jeff Bishop is lead trader at TopStockPicks.com, running short-term trading strategies primarily using ETFs and stock options. At the time this conversation was taped on Dec. 12, he had purchased 200 mid-January call options on SQ, and was planning to hold them through the New Year if necessary to see the rebound he expects in the stock. He said he would stop out of the stock if his options suffered a 50 percent decline in value. The Raging Bull podcast features experts from the site talking with Raging Bull editor Chuck Jaffe on his show, “Money Life with Chuck Jaffe.” You can learn more about Chuck’s daily hour of market and personal-finance chat at MoneyLifeShow.com; you can subscribe to the Raging Bull podcast via iTunes and other podcast providers.

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