Earnings will really start heating up next week when a lot of the heavy hitters start to report. I think a lot of traders are playing it safe into next weeks earnings. But next week could really set the tone for the next 3 months. If stocks can suprise to the upside on all fronts including guidance going foward this is what investors want to hear in order to jump back in. They want to hear good news as opposed to less bad news. In order to get all that money waiting on the side lines to get back in the game they need to hear that it is safe to come out and that the future looks prosperous.
I would be very suprised if the bank do not have another fantastic qtr, I mean with all this cheap money. Especially the big banks that have exposure to the trading side of the business and who have some priopritary trading going on. Some of the names I will be watching: GS, JPM, GE, AAPL. These are just some of the big names reporting next week.
I have refrained from adding any new positions over the last few weeks. I am still holding my 10 short put contracts on GE at the $11 strike for September experation. Although not as in the money as I was, I am never the less still in the money. I sold these with 2 outcomes in mind: 1) if GE stays above $11 I make an easy $1500 or 2) GE finish below $11 and I get exercised getting long at about $9.50/Share.
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