Nike Earnings: Just Don't Do It

Bulls would love to work off a bit of the overbought nature of the market without losing the momentum. Today would accomplish that goal, but the bulls can't give up too much more ground into the close tomorrow. Energy and utilities, on the other hand, cannot give up any more ground. Both look vulnerable at the moment. I've still positioned myself long financials against short energy and I've seen nothing yet to change that view. Now is the time where I would step in to hedge utility names in the short term, even if they are long-term positions.

Nike (NKE) hits the wires with earnings tonight. This isn't one I will trade pre-earnings. Why? Because I have been terrible in my directional calls with NKE. I'm usually pretty good on price, but I've always played it directional....204 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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