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Last weeks two brutal punches in the face were all the time between Wednesday’s close and Thursday’s open: RCL (Royal Caribbean) and META (basically Facebook). Having licked my wounds, I’m back into them both, with META being re-entered this morning. This chart, to my eyes, is simply irresistible.
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The big earnings report yesterday evening was Intel, and it did not disappoint the bulls. It went ripping higher. I would point out, however, that its high price merely matched its price gap as well as the high earlier this summer. In other words, the resistance line I’ve drawn matters.
You could be an idiot and buy puts before earnings, only to get blasted in the face (like, oh, I dunno, ME!). Alternately, you could wait until AFTER the earnings, take note of the excellent position of the price on the channel, and buy puts then. Just sayin’. I present to you Royal Carribean:
I long ago gave up on ServiceNow as a short position, but I’m still rooting for the bears. Let’s see how this afternoon’s earnings treat this sucker.
