I just took a look at WB's chart because it's earning report along with SINA are due out tomorrow morning. That chart is uglier than I thought. Clear bear trend with resistance twice at its 50-day ma. Looks like you jumped nicely into that counter trend. I think earnings is going to push it back into its current trend and I wouldn't be surprise if we drop below $80.
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I just took a look at WB's chart because it's earning report along with SINA are due out tomorrow morning. That chart is uglier than I thought. Clear bear trend with resistance twice at its 50-day ma. Looks like you jumped nicely into that counter trend. I think earnings is going to push it back into its current trend and I wouldn't be surprise if we drop below $80.
Actually, thinking of shorting WB now. Looks like it is ready to go down big.
I do that a lot, but you can never go wrong taking profits. For now, I've started a position using NVDA Aug 255 calls playing the momentum ahead of earnings with its report on Aug 16 after hours. I also like UAL here for a longer play as it breaks out of this flat base (more like a flag to me). And I don't like DIS, WB, NTES, or SINA as earning plays. Too many uncertainties for me. I'm keeping my eyes on TTD though with the report on Thursday after hours.
OI, 4 days up and today a topping tail. Maybe a pause coming for a day or two before heading for a new 52 week high?
[SP500, 1 month, daily candles & 20dma]
[SP500, 1 month, daily candles & 20dma]
I grabbed a tsla aug 10 360 call right after elon musk tweeted. They were trading in the $9-$12 range. This wasn't a planned trade, just based on what I saw on CNBC at at noon. The initial report that came out was that the Saudis had positioned themselves with a ~5% size on TSLA and shares ran from $341 to $355, then no more than 10-15 mins Elon Musk tweeted and shares jumped into the $360-$363 range. I felt that those two events might be connected (still all rumors even right now), so I bought 1 360 call expiring this week. Didn't want to use more than $1k where I could take a full loss at this point if that was the result.
Everyone that came in to talk about TSLA were fairly bearish too. I was out of my office, so I didn't see when TSLA was halted, but came back just in time to see it open again at 3:45pm. Watched it pop to $387. Imagine the shorts are going to get crushed, so right now, I'm looking into all the details, and I might put in a bigger position into TSLA using $5-$10k risk.
After all, I locked in about $12k already this week, with most coming today from the exit in FB near 187, and locking in gains from TWLO and ETSY calls. I didn't have time to play any earnings today, but looks like I was right to hold off on DIS and SNAP. SNAP was clearly a given with the odds heavy to the sell side. I'm not sure what the buyers were hoping especially after watching TWTR and FB both get crushed.
I do have UAL and NVDA calls with UAL Sep 82.5 calls and NVDA Aug 255 calls. These are heavier positions because I don't plan to play through any earnings. I'm going to be out of NVDA before the 16th unless I make enough to take on that earning report.
I wouldn't doubt that, but I feel like the SP500 wants to hit a fresh high before settling back. Like I said though, most of the earnings are done and DIS today wasn't as good so we might see a bit of selling tomorrow. Jeff, are you still holding those SPY 183 calls? I have those on my streamer and have watched them fly from 1.60 to 3.30. That's one hell of a move.