norok
Short

USB at resistance pre-earnings

NYSE:USB   U.S. BANCORP
USB             hit a Weekly + Daily resistance today at 40.85 where I took September 40 Puts. Implied Volatility was cheap so I went with Singles. Also later this morning there was unusual Put volume that came across the scanner but I had already taken the trade near the open.

Market Sentiment
I find myself net short Financials going into this earnings season. That is entirely due to the fact that these stocks are hitting technical resistance levels that fit my trading plan. Fundamentally the pundits are talking about how this may be a bad quarter due to lack of interest rate hikes. The fact that everyone is thinking one way (down) makes me want to start looking for hedges in this sector.
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