Well the market again finished higher. There was some strong afternoon buying and all market internals were positive, with cumulative ticks finishing up +35,000, A/D lines at about +700 for both exchanges and breadth was 70% and 55% for the NYSE and Nas respectively.
Again, the quant predictions are for lower prices given that the indices have finished stronger largely on the back of a few big cap names like AAPL which makes up 21% of the NDX finishing higher. Given that AAPL got whacked somewhat after hours due to lower than expected earnings, we may finally get the sell off that people have been waiting for. IBM also missed so those two names are weighing down the nasdaq futures which are down 1%. It’s a mixed bag with the ES only down 0.5% and the Dow only down 0.1%. Fairly strong considering that tech is being hit. We’ll see if correlations increase as the cash opens but things are kinda of interesting right now.
Tradewise, the positions are going fairly well. I suspect my AAPL BWB will do quite well with the drop in implied vols. Also ESI is staging a comeback which has put the trade up a little bit. Same story for GS which reports this morning.
Oh I'm also looking at another earnings trade on AMZN. I'm liking the 155/150/140 Put BWB for $0.45 credit.
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