Wednesday, November 6, 2013

Wednesday Nov 6 pre-mkt outlook

The /ES looks to open around 1765 after closing at 1758. It hit an overnight low of 1756 and a high of 1767. The 10yr is trading around 2.655 after closing yesterday at 2.660.

$TSLA is out with earnings and is trading lower this AM and is down about 10%. The stock closed at 176 and is trading around 156. The stock keeps bouncing off that key support area of 155. If it breaks through that, it will have to break through the 13k Nov puts sitting in OI at the 150 strike. This could be another strangle worthy play. May look to strangle 150/160 if it opens around 155.

$Z is out with earnings after closing at 82.50. It hit an ETH low of 81 and a high of 88. It's currently trading around 87. Based on this pre-mkt range, I would consider a 86/88 strangle but it could be tough to get filled as there is low OI in the weekly strikes. 

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