ET has missed their earnings estimates all year with another announcement due today which sets up a nice opportunity for a strangle.
If they whiff again expect the downtrend to pickup more steam and drive price at least to the bottom of this descending wedge.
On the flip side if they manage to surprise, that could trigger a steep rally for this company which despite it's stock's performance has a decent balance sheet with only the acid-test being low (but not alarming).
If trade "progress" jawboning can push oil higher ET could benefit from that as well so I like a target on a call option at the 50 day moving average with the put option target at the bottom of the wedge just south of $12.
If they whiff again expect the downtrend to pickup more steam and drive price at least to the bottom of this descending wedge.
On the flip side if they manage to surprise, that could trigger a steep rally for this company which despite it's stock's performance has a decent balance sheet with only the acid-test being low (but not alarming).
If trade "progress" jawboning can push oil higher ET could benefit from that as well so I like a target on a call option at the 50 day moving average with the put option target at the bottom of the wedge just south of $12.
Trade closed manually:
Closed this when it hit $11.50 but forgot to update!