META
had a negative reaction to earnings yesterday. I was originally thinking that MSFT's earning reaction would be positive but as I look at the chart and options flows, I'm starting to think we're going to see a negative reaction. I think most likely outcome is that we drop from here to around the $370 level, if that level can hold there's potential for one more rally into May to the $454 level. Otherwise if it can't, we risk seeing more downside to the lower levels.
Let's see what happens after the market closes.
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Welp, looks like the original idea was right. Initial reaction was up.
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Be careful here. Looks like a H&S top is forming. I think we see lower.
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I bought
400P
for 5/31 today. Extremely risky, I'd likely take Sep puts for safety if you want to play the downside.
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Closed my position. Going to reopen next week. Think the move down likely happens next Thursday. Chop until then.
