Netflix Earnings Report and Oil Collapse to Dominate the Day 4-21-20
The trade for the next few days is NFLX. Netflix Inc reports earnings after the stock market close today.
Crude oil prices plummeted to historic price levels. We discuss a strategy for taking advantage of a long-term trade.
Who isn't watching Netflix during the quarantine? The key to the earnings report of course is subscriber growth.
Regardless of the number, I'm expecting the stock to be volatile and give us trading setups for the next month.
The SPY ETF traded into the first lower high in three weeks but remains an inside candlestick.
Trade management will be tighter until we see an expansion in volatility.
Other stocks scheduled to report earnings today include: KO, PM, LMT, TXN, SNAP.
Trading Game Plan 4-21-20
We came into the week expecting profit taking and a decline, so far that tape reading analysis is unfolding as planned.
Despite the bearish tone to the markets, today's game plan has very few setups to the short side.
JPM gave us a nice day trade yesterday but the bigger price action is anything but clearly bearish. (It's neutral on the daily charts.)
The most interesting trade of the day sets up in UNH.
The stock price has traded into what I call a Saturation Play after testing new highs and failing at resistance.
In today's video I give the exact criteria for the setup and the price point I am looking for an entry to buy.
Other stocks of interest include WORK, ETSY, and STNG.
Hope you are staying safe!
Have a great day.
Pete
