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First-quarter earnings season is winding down, but there will still be some major announcements throughout the rest of May and into June. Second-quarter earnings starts in early July, so the market will largely be driven by economic and geopolitical concerns as well as technical support and resistance levels over the next six weeks.
The bears controlled most of last week until Thursday’s trading session “bullish” reversal, but we have to be mindful that the lower trading ranges for the major indices could still technically be in play. However, with the bulls starting to battle back again, this week will be quite interesting — to say the least.
This week ahead should see additional gains across the broader equity market as Friday’s action didn’t scare the longs much. And needless to say, my weekend research has consumed me over these past two days in search of fresh opportunities to play the upside.
Today, we’ll be placing a trade on a familiar name that I’ve been in and out of several times this year. Shares are currently above $10 again, and I want to take advantage of the move with call options.
Buy to open the INO August 11 calls (INO160819C00011000) for a maximum price of $1.30.
Action: I like these call options at current levels. These are the regular monthly options that expire on Aug. 19.
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