New Trade – IBM: Rolling Bearish View

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Last week we placed a near term bearish trade in IBM after its 15% rally into last night's Q1 report on the belief that the results would not support the stock's recent strength (see below). We … [Read more...]

MorningWord 4/17/14: Choppy Seas

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To say that U.S. equities have gotten a bit whippy of late is an understatement.  Despite the peak to trough sell off from recent highs being less than 5% for the SPX and less then 10% for the Nasdaq … [Read more...]

$IBM Q1 Earnings Preview

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Event:  IBM reports Q1 earnings today after the close.  The options market is implying about a 3.5% move, which is below both the 4 qtr avg move of 4.75%, and the 8 qtr avg of about … [Read more...]