IrishTxAggie said:

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What website/app are you using for your charts?

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etrade protrader platform

It looked like someone dumped everything they had ahead of the ER tomorrow morning.

0708aggie said:

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Anyone playing banks into earnings tomorrow or Monday? How about KBE (ETF)?

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Yes. I own JPM, C, BAC, BBT, HBAN and KRE. I also own GS and SCHW for two more financials. Financials usually do very well at this point in the business cycle.

Nothing fancy, just long positions.

Wells Fargo beats estimates and up $1. Financials lead stocks higher.

For those interested in trading earnings stocks his weekend article is worth a read:

https://realmoney.thestreet.com/articles/04/13/2018/will-earnings-be-strong-enough-break-indices-out-trading-range?puc=CNBC&cm_ven=CNBC

It could also be a "sell the news" kind of day.

I know where I'm gonna sell more calls for SN.

Like I said a few days ago, the analysts have not adequately priced in tax reform and other macro factors.

One example: Wells Fargo's loan loss reserve was down over 60% year over year in Q1. That means their defaults in Q1 were effectively zero as last years were already historically low. Translated to macro economic news, everyone that borrows money had a good enough Q1 that they didn't default or weren't even flirting with default. The huge drop in loan loss reserve means this earnings season will be insane. That cannot be priced into a flat Q1 market that reported a record consumer 4th Q during the flat period. Further, whatever run up we had in 2017 wasn't enough to factor in the growth in earnings since Q4.

That's a nice gap up move from GE. From the ashes the Friday the 13th Calls rise like a Phoenix.

Yup - that could reverse but I still say sideways action is the BEST we could hope for through the election. We've languished below the sideways mid-channel mark and a move to above it would be welcome for traders. It would take me from thin to aggressive.

Historically speaking the longer we stay closer to the lower channel the higher the % increases that it eventually fails. Thin Thin Thin

SoupNazi2001 said:

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Les Appelt 1999 said:

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Like I said a few days ago, the analysts have not adequately priced in tax reform and other macro factors.

One example: Wells Fargo's loan loss reserve was down over 60% year over year in Q1. That means their defaults in Q1 were effectively zero as last years were already historically low. Translated to macro economic news, everyone that borrows money had a good enough Q1 that they didn't default or weren't even flirting with default. The huge drop in loan loss reserve means this earnings season will be insane. That cannot be priced into a flat Q1 market that reported a record consumer 4th Q during the flat period. Further, whatever run up we had in 2017 wasn't enough to factor in the growth in earnings since Q4.

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All the banks are trading red post earnings.

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Yeah, ER was good, but I get the feeling people were expecting a blowout.

~2667 should have been some pretty good resistance support, but we just fell right though it.

Volume flash on SPX. Here is where day traders are entering

Quite the open.



2650 is important

Bigger volume now. Bulls are trying to hold 2650...

You're short right?

I sold out. What are they at this morning?

nice little bear flag

Little ol' TRX is moving up

Reverse H&S on intraday S&P pointing to a move higher

oldarmy1 said:

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Reverse H&S on intraday S&P pointing to a move higher

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Yeah, I saw that earlier and got out about an hour ago. looks like the neckline did finally break.

oldarmy1 said:

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Oh, I misread your intent. Then a Call option to for an earnings trade makes sense.

GG is trying to breakout and continue its move higher.

Loving AVEO action.

SWN moving to test major resistance.

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GG options just closed for a triple bagger after it did breakout.

AVEO - Well it was excellent - again thanks!

SWN hit resistance again and couldn't punch through.

SoupNazi2001 said:

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FriscoKid said:

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oldarmy1 said:

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Reverse H&S on intraday S&P pointing to a move higher

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Yeah, I saw that earlier and got out about an hour ago. looks like the neckline did finally break.

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In my experience head and shoulder patterns don't work most of the times. They typically just continue in the direction of the primary trend which was down today.

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78.4% of intraday reverse head and shoulders result in a move higher - although to your point short term. To a day trader it was a pure signal that would have resulted in a quick gain. On a day chart when they form over 10+ days they have a 89.6% resulting 12% on average move higher.

But I do agree that trend should always be your top technical gauge.

SoupNazi2001 said:

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FriscoKid said:

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oldarmy1 said:

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Reverse H&S on intraday S&P pointing to a move higher

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Yeah, I saw that earlier and got out about an hour ago. looks like the neckline did finally break.

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In my experience head and shoulder patterns don't work most of the times. They typically just continue in the direction of the primary trend which was down today.

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I've had some pretty good luck with them, but I've been burned too. (One time was documented here)

(Thankfully, I did get back in on that volume spike after we broke the neckline.)

This market is getting crazy. Love it

leoj said:

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This market is getting crazy. Love it

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took it long enough.

Well, financials pulled everybody down today; one day up, one day down. Freaking teeter totter.



FRUSTRATING!!!!@

Yep. I'm long OZRK but the market is what it is. Lots of solid financials that will pay off over the years.

FriscoKid said:

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leoj said:

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This market is getting crazy. Love it

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took it long enough.

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No kidding

Well, we're about to launch missiles at Syria again. Next week should be interesting.

Boeing ?

If Russia tucks it's red tail between its legs this weekend it might have zero impact on the market. Everyone was afraid of the strikes, but there are two days to recover from it. I bought into to it also, but I'm starting to think this is a good thing.

I kind of wonder if he didn't plan to do this on a Friday night for that very purpose.