Maybe leap calls for NKE? Jan 2027. Maximize the eventual rally but give it 2 years to happen.
DECK is down 50% and ONON down 30% in the last 3-4 months. NKE has been kind of flattish in the same time period. This latest earnings report will tank it a bit though. Mid 60s area is a pretty strong area of support that's lasted at least 20 years. A definitive break of that could take it down to the 50s. Covid low was 60ish. 200DMA will likely be a cap for any sort of rebound also, that's why I mentioned low 80s area before as resistance. It was in that area and sure enough the stock was rejected again. 200DMA is still trending down, mind you it's a backward looking metric but I don't foresee any trend change coming any time soon.
You see these stocks that are consumer discretionary getting hit so you have to proceed with caution with macro issues out there. Even snacks are showing some signs of weakness from the staples companies. (Healthier for the country lol) FEDX is another potential harbinger of the macro picture. Tariffs are a cherry on top.
I'm willing to step in these moments of weakness and wait if necessary but you have to realize if you step in there's a good chance it could be early and look for areas where you might average down or be ready with a stop loss area.
Timing is not my thing and why I stay away from options. Time decay is an issue. I just need some sort of turn to happen eventually, when it happens isn't predictable for me.