OPTIONSMART MORNING UPDATE: Swung higher amid strong earnings
July 24th, 2009 at 2:17 am|
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OPTIONSMART MORNING UPDATE: Swung higher amid strong earnings |
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1. OUTLOOK:
Broad-based buying on the back of
better-than-expected earnings sent the market higher.
However, the earnings growth has been largely driven by
cost-cutting. This fact raised concerns about what the
second-half economic growth is going to look like. After
hours, Microsoft reported weaker earnings that topped
estimates and weaker revenue that missed estimates. The
tech leader said its results were due to weakness in the
global PC markets. Amazon fell nearly 7% in after-hours
trading following the report. Sales grew 14%, but came in
slightly under forecast. It looks like positive news are
already priced in. QQQQ's implied volatility inched
higher as investors were getting nervous.
The market looked for a reason to
retreat.
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3. TRADING OPPORTUNITY: none |
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4. OUR FREE MONTHLY TRADING RECOMMENDATION AUTO-TRADABLE
WITH OUR PARTNER
BROKERAGES:
to be published later in August.
Our most recent Free Pick: QQQQ Sep
34/36 Debit Call Spread: Bought @1.32 on 06/22/09 and
sold @1.46 on 07/16/09 with a 10.6% in 24 days!
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5. WISDOM NUGGETS: Reversals build slowly. The first sharp dip always finds buyers and the first sharp rise always finds sellers. |
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