>Markets: Another flattish day with a few big swings in specific names. There is nothing new so the strategy is unchanged. The buyers are in charge else we would not be this close to all time highs.
>TRADING? SPY has gap below and opportunity above. Here it is in pictures: chart
>>Iron Condor weekly table (Active traders): Doing well so far I'd close them especially the $5 wides. chart
>MSFT (earnings): Reports tonight. It is near all time highs so it's not cheap nor is it an obvious long entry. But earnings are wild and completely binary. The open interest this week suggests upside pressure to 139 and resistance at 140. So IF someone is playing the upside move on earnings tonight, a debit call calendar probably works best. Meaning I buy next week's 40 or 41 call and sell this week (same strike) against it. Total risk is the money I spend (35cent ish). Same concept works on the way down near 129 puts. chart
>TWTR (earnings): Showed great promise but fizzled. Today's dip looks like a trigger for a bearish pattern to target 34.5ish with interim support near 36.6. But with earnings coming up tomorrow before the open anything is possible. chart