THE WEEK AHEAD: HTZ, YELP EARNINGS; SLV/GLD/GDX LONGS
HTZ puts the pedal to the metal on Monday after market close and is at the 52% mark of its 52-week range and has a 30-day implied of 75%.
Due to its size, I'd probably only go short straddle: the Aug 17th 16 short straddle is paying 2.28 with a 25% take profit of .57.
YELP shout outs its earnings on Wednesday (8/8) after market close (rank 66/30-day implied 61).
Pictured here are two setups: an Aug 17th 38 short straddle and an Aug 17th 34/43 short strangle. The short straddle is paying 4.56 with a 25% take profit of 1.14; the short strangle, 1.49, with a 50% take profit of .75.
On the exchange-traded fund side of things, not much is hopping with the only underlying ranked above 50% for the past 52 weeks being USO (rank 59; implied 26), with everything coming in at sub-35% for 30-day implied, which makes things temporarily unattractive in this area. (EWZ's at 32, XOP at 25, OIH at 25, and it kind of goes downhill from there).
In the single name underlyings with earnings announcements in the rear view mirror, TSLA tops out the list with 51% 30-day, followed by TWTR (43), X (40), and RIG (40).
In the major food group area: GLD, SLV, and GDX are all are fairly long-term horizontal support, so it may be worth taking a small bullish directional shot in one of those, although it's possible that's there more pain ahead for gold/silver/miners with another rate hike on tap in September. TLT: I'm looking for another short opportunity (probably on risk off) at horizontal resistance in the 122 to 122.50 area (we were at 119.22 on Friday, up .49 from Thursday's close). /CL's come quite a bit off of its nearly 73 high, but it's also somewhat off horizontal support at 64; I don't see much to do there directionally until it inflects with one of those prices (for that very reason, I could see something nondirectional here, if only XOP would throw all little more volatility my way, which is what I usually use to play oil nondirectionally). With the broad index funds (SPY, IWM, QQQ), all-time highs are again in view (287 in SPY, 170 IWM, 183 in QQQ); I could see a small directional short setup in one of those instruments, if only to add some short delta into your mix if you're getting too long (assuming you didn't add some on the last flirtation with all-time-highs ... ).
Due to its size, I'd probably only go short straddle: the Aug 17th 16 short straddle is paying 2.28 with a 25% take profit of .57.
YELP shout outs its earnings on Wednesday (8/8) after market close (rank 66/30-day implied 61).
Pictured here are two setups: an Aug 17th 38 short straddle and an Aug 17th 34/43 short strangle. The short straddle is paying 4.56 with a 25% take profit of 1.14; the short strangle, 1.49, with a 50% take profit of .75.
On the exchange-traded fund side of things, not much is hopping with the only underlying ranked above 50% for the past 52 weeks being USO (rank 59; implied 26), with everything coming in at sub-35% for 30-day implied, which makes things temporarily unattractive in this area. (EWZ's at 32, XOP at 25, OIH at 25, and it kind of goes downhill from there).
In the single name underlyings with earnings announcements in the rear view mirror, TSLA tops out the list with 51% 30-day, followed by TWTR (43), X (40), and RIG (40).
In the major food group area: GLD, SLV, and GDX are all are fairly long-term horizontal support, so it may be worth taking a small bullish directional shot in one of those, although it's possible that's there more pain ahead for gold/silver/miners with another rate hike on tap in September. TLT: I'm looking for another short opportunity (probably on risk off) at horizontal resistance in the 122 to 122.50 area (we were at 119.22 on Friday, up .49 from Thursday's close). /CL's come quite a bit off of its nearly 73 high, but it's also somewhat off horizontal support at 64; I don't see much to do there directionally until it inflects with one of those prices (for that very reason, I could see something nondirectional here, if only XOP would throw all little more volatility my way, which is what I usually use to play oil nondirectionally). With the broad index funds (SPY, IWM, QQQ), all-time highs are again in view (287 in SPY, 170 IWM, 183 in QQQ); I could see a small directional short setup in one of those instruments, if only to add some short delta into your mix if you're getting too long (assuming you didn't add some on the last flirtation with all-time-highs ... ).
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