Not Pinning My Hopes to Earnings
I used to love Friday pin plays. I'll stick with the term "used to love" a lot this summer when it comes to pinning. Apple (AAPL) had been my favorite name, but the last several weeks have really seen AAPL drift away from obvious pinning numbers. In fact, these midday and late-day surges have been moving AAPL $3 to $5 away from the strikes that look like the obvious pin areas -- areas that have held up well over the past months. I've stayed mostly away from the pin attempts and can say the few attempts I have made produced results that were just plain rotten. There are periods when this becomes an "easy" trade. Right now, it is anything but easy for me. So I'll continue the exercise, but it will be on paper until some consistency returns.
I was looking for a maximum upside of $36.50 on JPMorgan Chase (JPM) and it is almost there. I don't think this is worth a chase; however, Wells Fargo (WFC) closing above $33.75 will make it attractive as a swing trade after I get a look at the markets early Monday morning....187 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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