Earnings Season Beckons
Now we wait for earnings. I am thinking more and more that we won't see a huge reaction to JPMorgan Chase (JPM). If anything, I expect we may actually see a little upside. The maximum upside looks like $36.50, with $32 on the downside, but I expect to see this over the next week or two, not into the trading tomorrow. I would play this name after the fact, rather than into earnings. The chart setup does have risk as a bear flag has formed recently, and even though I often trade this name, I am going to sit this one out.
Wells Fargo (WFC) has a much better-looking chart. A chart I am willing to chase if the stock moves over $33.75. I expect good numbers, but the reaction is key. If I were going to play any name long, it would be July $32 calls on WFC, with the monthly options. Some may choose the weekly options, but I'll go with the extra week since there could be a slightly delayed reaction....127 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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