Episode 31 October 15, 2018
Welcome to The Weekly Option, a weekly program that offers practical trades and discussion for beginners and professionals alike.
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What a crazy week. We had a 5% correction over the course of two days, Wednesday and Thursday. We saw a 1% pullback on Friday, which is pretty typical after a large move. As people take profits on short trades from short trades on the week, they typically will close out the trade prior to the weekend. Lots can happen over the weekend. If traders made some money on Wednesday and Thursday, they will definitely try to lock in profits before end of day on Friday.
The market finished the week down 4%. The Dow Jones Industrial Average ended the week down 1,107 points, closing at 25,339.99 points on Friday. The S&P 500 Index fell 118 points to end the week at 2,767 points.
This upcoming week there are 191 public companies that will be announcing their earnings. On Monday Bank of America will announce. On Tuesday we’ll hear from Interactive Brokers, BlackRock, Goldman Sachs, Netflix, Johnson & Johnson, and Morgan Stanley. On Wednesday, Alcoa, Abbott Labs, US Bancorp, and Kinder Morgan will announce earnings. On Thursday Blackstone Group, E-Trade, PayPal, and Phillip Morris will report earnings. And on Friday we’ll hear from Proctor and Gamble and Schlumberger.
In this week’s show, we will cover the trades from last week on Coty Inc, Transocean, and Anadarko Petroleum Company.
And we discuss three new trades on CNX Resources, SPDR S&P 500 ETF, and US Oil Fund ETF.
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