earnings

What is up with WAG?

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Step into the Wednesday time machine and not much happened between then and today.  Traders have been so lulled into a stupor with the lack of movement that they bid volatility up to 15% yesterday when it looked like there was another crisis brewing.  As of today no crisis, as holders of GOOG and other earnings reporters rejoice in the upside surprises.

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INTC is partying like it is 1999

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More Yellen testimony hurt the RUT and VIX today as both those indexes made some pretty good size drops.  With a lot of old tech like MSFT and especially INTC, starting to trade at multiples out of the single digits what is volatility to do.  A client wrote me today and asked if  CSCO is next?  All of a sudden establish companies are doing something not many thought possible a year ago and that is deliver some growth.

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Is the FB vega too cheap?

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After a weekend of non-activity stocks got back to their old ways and launched this morning without so much as a how do you do.  This latest Euro issue has been around since December apparently and Euro bank stocks were already trading at lower levels.  Either way VIX and the volatility futures are tanking today and the only thing holding up the IV is the balance of earnings.

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A Chip in the old BLOX

 

 Stocks moved sideways again yet found a way to make a new all-time high in the SPX.  Not every stock was so lucky.  Take Infoblox Inc (BLOX) for instance.  BLOX came up on a volume screen and spent a good part of the day in the basement.   For a stock that traded near $50 this year the fall was humbling.

3D charts by OptionVision and ORATS

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AAPL Says Take That Straddle Sellers

This is why we don't sell cheap straddles:  We noted yesterday that AAPL IV was at extremely low levels into its earnings announcment today.  Looking at a two year chart of AAPL 30 day IV one will notice this was the cheapest IV has been over that period of time.

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Will the AAPL IV ever stop declining?

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There was another nice little rally today on the back of some decent earnings reports.  The tech end of the market has largely shrugged off the GOOG earnings and is looking forward to FB and MSFT.  Note how I did not mention AAPL.

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Volatility is starting to sag

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Two days in a row of small moves is enough to give the most die hard juice buyer indigestion.  The volatility of VXX options is now sub-50, 30 days out.  For VXX, peaking around $46 a few days ago, the vol ETP is sliding toward $40.  A level it has not been able to stay below since January, before the emerging markets crisis.  Do you remember that?

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Looking for a pre-earnings play

The market is kind of poking along in an upward fashion.  With most global news ok, there is not a big reason to sell off yet.  The gloomy unemployment reports are keeping the hopes of cheap money alive for the short term.  On Wednesday afternoon, I was running a normal scan getting ready for our Platinum class at Option Pit where we take a deeper dive into specific trades.

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