No new trades, but we are monitoring IBM for a possible Sell later today. Note on Zillow (Z) & Twilio (TWLO) in the Standard Intermediate Term Service: Both these companies reported earnings last night. While TWLO went against our position, Z went in our direction. No matter what we lost on the TWLO puts, the Z puts have tripled. Moral of the story: neither the gain on Z nor the loss on TWLO is a reflection of the trading system, good or bad. Just as the system is not taking credit for the Z gain, nor can it be blamed for TWLO loss. As I have said many times, earnings are a wild card and over the course of any earnings season you are likely to have an equal number of big winners and big losers.
