Just Watching ... and Waiting

Some of the moves this morning are astounding, amazing, breathtaking -- and about 50 other adjectives that could be thrown in. With the subdued reactions we've seen lately, we were due for an outlier move from earnings. I certainly had more than my share of earnings positions heading into the numbers yesterday. Visa (V), Qualcomm (QCOM), F5 Networks (FFIV) and Facebook (FB) were the big winners in the group, while Baidu (BIDU), O'Reilly Automotive (ORLY) and TripAdvisor (TRIP) have been big losers. Akamai Technology (AKAM) is down, but I still have time there.

I've closed out half the Visa call butterflies from yesterday. They are currently around $2.60, so closing out half a trade would not only recover all the capital risked but also bank a profit about 62.5% more than what they risked and have a chance to increase that tomorrow if V gets pinned at $195. Of course, any retracement to $190 or push to $200 is going to wipe out the remaining profit, so one really wants to weigh the risks....245 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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