Staring Into the Abyss of Jackson Hole
A few nerves before we head into the Jackson BlackHole tomorrow. Prepare for every word, phrase, tone or glance to be interpreted 18 different ways by 50 different people tomorrow. It may be a tough day to have tight stops in place or big positions exposed. I still favor the long volatility trade put on late in the day today and closed by lunchtime tomorrow. I don't have an edge into tomorrow, so I am not going to try and guess direction.
I do believe OmniVision Tech (OVTI) and Splunk (splk) will be able to trade on their own earnings accord tomorrow. I have to say I'm cautious on both names heading into their reports. These are each names with huge short interests -- high teens -- and also big expectations in the options market. Both are expected to move around 16% post earnings. I'm not quite sure we'll see that size on either, but if we do, I believe it may be more to the downside than the upside....385 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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