SPY and DIA in particular showing no life in the volume department. Across the board, indexes weak. Spot checking some bigger equity names, there is action.
Stock Market Today : July 9th - 13th - Page 2
it looks like it wants to make new all time highs... just broke out after basing for a month..
Looking to go long JPM and RIMM. Usually i don't like to pick individual stocks, but I have any guesses where the overall market is going. Looks like these two giants have been hit so hard that the downside is limited and there could be some surprises. RIMM can get buyout offers, JPM has earnings Thursday I believe.
I think RIMM has enough patents from being so early to the smart phone game that even Apple would want to buy them. Trading at only 4B market cap, seems pretty cheap insurance to guarantee ownership of a treasure trove of early patents.
Anyone who wants a bigger beta play on aluminum for Alcoa earnings can look at CENX. That thing moves like 5% on a daily basis without any news haha. Could get a nice 10% move after alcoa earnings without as much premium baked in? I never compared, but i'm guessing there are no free lunches on wallstreet.
In RIMM july $7/$8 call spread for $62. If it holds here in expiration in two weeks, that will be worth $88 [$7.88 current underlying pps], a 40% return in two weeks.
RIMM's 52 week low is 7.14 so that could rip my face off if we went down there, 75% loss
AA usually doesn't move much on earnings.. most likely a theta burn play imo.. i wouldn't play it period. risk:reward not worth it