Just because I love you guys, and more importantly, love money. :P
I can't believe how good this looks for a short term run! I 'might' buy calls tomorrow depending on the open, just so I don't miss any major moves. I'll have to look at whether XOM moves big during pmt, because if it doesn't I might just wait til Monday so I don't eat a big hole in premium.
Notice what kind of support this compressed coil is sitting at! MAJOR downward support, all the way from the highs. Also, we're sitting at upward support too. TWO intersecting supports! If this breaks and I am wrong, I cannot blame it on the TA!
I love looking at the past on charts to see if I can point out any kind of significant characteristics, because after all the charts are a reflection of human behavior--stocks don't buy and sell themselves. What I noticed was for the past two earnings, XOM ran for TWO weeks MINIMUM into earnings, almost straight up. Both of these runs were ~13%!! From right here, that puts us at the 76-77 range, or recent highs and the 50% fib level. Coincidence? I didn't really dig into this earlier when I picked up on it, but a 77 range puts those 70 calls at the very LEAST 7 dollars ITM, not to mention the time value with 1 month left since they're Feb calls. They're trading at 1.35 now, but even a MODEST run to the recent gap fill will put these up 100+%. IF you're feeling froggy and hold, you could very well be up 2-3-400% when all is said and done!
Of course, anything can happen. However, XOM has been HAMMERED in the past month, and since this is a game of odds, I like the odds of XOM to go up more than I do to go down, through major support, into earnings, etc.