Follow this Link to Attend My Pre-Earnings Webinar on Thursday 10th October 2013
A cloud of news and imminent earnings season is hanging over the markets right now, making it a bit tricky for breakout trading. This is normal and we just have to muddle our way through these awkward market conditions. Part of the skill you need to nurture is when to sit things out and when to go for it.
Here’s our list of OVI-Express40 stocks and their corresponding earnings dates, OVI readings, etc.
AAPL looks interesting still, but AMZN made a false breakout and looks increasingly weak, with a further double whammy of both its OVI being negative and puts outweighing calls with its open interest.
Remember the OVI is made up from options volume, open interest and implied volatility. It’s not uncommon for one of those individual components to be at odds with the OVI figure – as you can see with ATML, BAC and others (where the OVI is still positive but simultaneously puts are outweighing calls).
Personally I think BAC is looking weak, as are many others including but not limited to C, CAT, DIA, GOOG, HPQ, IBM, INTC, MCD.
BIDU and FB have also lost ground and taking a much needed rest. The financials are weak with GS and JPM approaching their 200 DMAs.
In summary, we’re in volatile times and you might want to just keep your powder dry for now.
In the meantime come and join my pre-earnings webinar on Thursday 10th October at 2pm ET (7pm UK time) where we’ll mainly look at our favourite stocks and other potential opportunities.
Register here for the complimentary event.
I look forward to seeing you at the webinar.
All the best
Guy
