Three Big-Tech Earnings Plays

With lots of weakness heading into this afternoon, it's up to three big tech names to right the ship: Google (GOOG), Microsoft (MSFT) and IBM (IBM). These names will obviously affect the PowerShares QQQ (QQQ) as well as the PowerShares UltraPro QQQ (TQQQ), which presents an interesting trade idea for me, especially in regards to GOOG, which I am not overly bullish about into earnings.

Google (GOOG) Source: StockCharts.com View Chart » View in New Window »

For starters, I am looking at $795 and $815 as targets on GOOG to the upside, with $740 and $710 as downside targets. I have been cautious since it broke the wedge pattern recently. Now a big potential gap fill beckons. This is what I am playing by going long 1x April 19 $745 puts, short 4x April 19 $710 puts and long 3x April 19 $700 puts. This is running around $475 but bouncing around today....173 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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