"All the News That's Fit to Print," is the iconic slogan that appears on the masthead of the NY Times. Today, it fits well into our trading regimen as 5 of the 7 MAGS stocks are reporting earnings today and tomorrow, plus, there is an FOMC meeting which is taking place as I begin composing this update. While I expect little from the Fed, there should be fireworks galore from the earnings fallout. Come Friday, its back to trading our patterns, breakouts and breakdowns, without the spector of positions being buffeted by the headlines...fit to print or not. Big Oil - The Rally Reignites Oil is up from $79 to $107 (+35%) in 5 days! Above $115 ---> $133-$165 CVX One of our favorite Big Oil stocks has generated a Wave 5 Buy Signal. We still have a position "leftover" in CVX, from early February entry, although it is well past its trailing stop exit: CVX 2-Day Bottom Line: If some or all profits were taken as the trailing stop was hit, hit's time to go back in, same strike, same expiration. If still holding from initial February entry, continue to so only this time, honor the trailing stop! XOM 2-Day Another Wave 5 Buy Signal XOM July Calls Alternative to CVX: July XOM $170C SOXS My shorter term EW count is suggesting that today may have put in a Wave 2 low. In that case, it should soon embark on a third wave higher. Taking out the indicated Wave 1 high @ $16.28 will be the first indication that SOXS is headed back into the mid to high $20's and possibly $30's in the weeks ahead. 120 Minute Chart
