NextOptions.com Index and Earnings Options Play List for 11/6/2017 – Special Promo

NextOptions.com Index and Earnings Options Play List for 11/6/2017

Dow/ S&P 500 Up 8-Straight Weeks

8:00am (EST)

U.S. markets finished Friday mostly higher while setting record highs with the Dow and S&P 500 working on 8-week winning streaks for the first time in four years. The Nasdaq is riding a six-week winning streak after gaining 0.7% and was up nearly 1% for the week. The Russell 2000 struggled after spending much of the session underwater while closing slightly lower and ending the week with a 1% pullback.

The Dow added 23 points, or 0.1%, to end at 23,539. The blue-chips traded down to 23,481 shortly after the open with rising support at 23,300-23,250 holding. There is risk to 23,100-23,000 on a move below the latter. The rebound to an all-time high of 23,557 cleared upper resistance at 23,500-23,550. Continued closes above the latter gets 23,800-24,000 in play.

The S&P 500 gained 8 points, or 0.3%, to settle at 2,587. The index slipped 3 points to 2,576 during the morning action with fresh support at support at 2,570-2,565 holding. A move below 2,560 would be a slightly bearish signal. The run to 2,588 pushed resistance at 2,585-2,590 with continued closes above the latter leading towards 2,600-2,625.

The Nasdaq rallied 49 points, or 0.7%, to close at 6,764. Tech dipped 2 points on Friday’s open to 6,712 Support is at 6,700-6,675 easily holding. A close back below 6,650 would be a yellow flag. The surge to 6,765 and lifetime high keeps new resistance at 6,775-6,800 in the mix.

The Russell 2000 gave back a point, or 0.1%, to end at 1,494. The small-caps kissed 1,490 with support at 1,485-1,480 standing tall. A move below the latter would be a bearish development. The one-point pop to 1,497 intraday failed lower resistance at 1,500-1,510 for the second-straight session and third-straight close below the 1,500 level.

The S&P 500 Volatility Index ($VIX, 9.14, down 0.79) dropped 8% after trading to a low of 8.99. Fresh support is at 9-8.50 with the 52-week low at 8.84. Lowered resistance is at 10-10.50 and a downward sloping 50-day moving average. A move above 11.50 will likely be a good clue on uncoming volatility.

Sector leaders from Friday included Technology and Healthcare with both rising 0.8%. Financials led the sector laggards after falling 0.4%. For the week, the Energy sector rose 2% while Consumer Discretionary fell 0.8%.

Q3 results from 406 S&P 500 members that combined account for 85.4% of the index’s total market capitalization. Total earnings for these companies are up 7.5% from the same period last year on 6.3% higher revenues, with 73.9% beating EPS estimates and 66.7% topping revenue estimates.

Looking at Q3 as a whole, combining the actual results from the 406 S&P 500 members that have come out with estimates for the still-to-come 94 index members, total earnings are expected to be up 6.5% from the same period last year on 5.6% higher revenues.

Excluding the weak results from the Finance sector, total earnings for the rest of the index would be up 9.6% on 6.1% revenue growth.

The Technology sector has been impressive, with Q3 results from 85% of the sector’s market cap in the S&P 500 index. Total earnings for these Tech companies are up 22.4% from the same period last year on 9.3% higher revenues, with 81.8% topping EPS estimates and 86.4% clearing revenue estimates.

Total Q3 earnings for the S&P 500 index are on track to reach a new all-time quarterly record, surpassing the previous record reached in the preceding earnings season.

The iShares Micro-Cap ETF (IWC) is trying to hold near-term support at $93 after trading to an all-time high of $96.77 in early October. A move below $93 opens up risk to $92.25-$92 and the 50-day moving average. This area represents the gap high from late September. Current resistance is at $94-$94.50 with a close above $95 being a bullish development. RSI has been in a downtrend since early October after peaking near the 90 level and appears to be leveling out. A move above 50-55 could lead to continued strength.

The Technology Select Sector Spiders (XLK) traded to a 52-week high of $63.55 on Friday with fresh resistance at $65-$65.50 on continued closes above $63.50. The all-time intraday high of $65.44 was reached in March 2000. Current support is at $63-$62.50. A close below $62 would be a slightly bearish development leading to a continued backtest towards $61.25-$60 and the late October breakout. RSI is in overbought territory and is pushing late May resistance just above 80.

With 3Q earnings seasons slowing, the market could be due for a breather at some point this month. However, we will let price action dictate on when a pullback could come and when we should lighten up on bullish positions. Otherwise, stay long and strong until the bears start showing a stronger attack.

Berkshire Hathaway reported earnings after Friday's close.

BroadSoft (BSFT), Cardinal Health (CAH), CVS Health (CVS), LouisianaPacific (LPX), Michael Kors (KORS), Mylan (MYL) are announcing numbers this morning.

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Our top triple-digit winning option recommendations for 2017:

+900% Lumber Liquidators August 27.50 calls (August 2017)
+300% JDcom June 37 calls (May 2017)
+300% Kate Spade March 20 calls (March 2017)
+300% Imax May 30 puts (May 2017)
+286% Fastenal May 49 puts (April 2017)
+246% Dick's Sporting Goods June 45 puts (May 2017)
+244% Starbucks February 57.50 puts (February 2017)
+200% GameStop April 22.50 puts (March 2017)
+173% Alibaba February 100 calls (January 2017)
+169% Amicus Therapeutics August 12 calls (July 2017)
+110% Amicus Therapeutics July 8 calls (June 2017)
+100% Cisco Systems October 32 calls (September 2017)
+100% Bank of America July 23 calls (June 2017)
+100% PowerShares QQQ ETF February 122 calls (January 2017)
+100% Array BioPharma January 8 calls (January 2017)

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Limelight Networks (LLNW, $5.20, flat)

LLNW December 4 calls (LLNW171215C00004000, $1.30, flat)

Profiled Price: $0.37 (9/22/2017)
Exit: $1.75-$2.00
Profit: 240%
Stop: 80 cents, raise to $1 (Stop Limit)

Action: Resistance is $5.35-$5.40. Support is at $5.15-$5.10.

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