🚗Oil Gets Hit, Producers Get Hit Harder

[] [The daily rundown of everything happening at Option Pit.]( [( MARK-et Open Hey OP Crew, Griff here with the Chart of the Day. On a fairly quiet day for markets, oil was hit pretty hard, but producers were hit even harder. Exxon Mobil Corp. (Ticker: XOM) fell to some strong support and with earnings in a couple of weeks (July 28) this presents a great low risk/high reward trade. [ Consider a call spread to JUL28 and close on the 27th a day before earnings to catch an earnings strategy that has a 60% success rate for XOM … Plus, it’s backed by an excellent risk/reward profile. Have a great weekend everybody … Let’s Go! [ [ - OPTION SHOPPER: ORCL Jul21 117 calls closed for a 114% gain Want to find YOUR winning fit? Give our Customer Care Team a call at 1-888-8772-3301 Monday-Friday from 9 a.m.-5 p.m. EST. Or email them anytime at [support@optionpit.com](mailto:support@optionpit.com?subject=) Special Report: The Rift Is Here - Get Ready As we have mentioned, Invesco is cutting down the impact of the Magnificent 7 – Alphabet Inc (Ticker: GOOGL), Amazon.com Inc (Ticker: AMZN), Apple Inc (Ticker: AAPL), Netflix Inc. (Ticker: NFLX), Nvidia Corp, (Ticker: NVDA), Microsoft Corp (Ticker: MSFT), and Meta Inc (Ticker: META) – on the Invesco QQQ Trust (Ticker: QQQ). For some reason, seven stocks with 55% of the market capitalization in QQQ is too much. This rebalance could cause a bit of mess. Right now, folks who shorted these stocks early this week are getting a rude surprise, as decent CPI and PPI numbers gave the market a little lift: [ We have some great trades working in [Nitro Trader]( this week. They were somewhat “front loaded” because of the squeeze potential. That just means a less aggressive tech short versus a more aggressive “other” long. We teach you how to do these in the services… but just know for now that we saw this coming and created a great trade to take advantage. If you’re reading this now and aren’t in the services… you’ll want to pay attention to our editorial on the “rifts” coming over the next week and into the rebalance in the BIG 7 coming. There is a squeeze coming and it will only make the eventual selloff worse. How do I know that? [Click here to find out.]( - AG Profits In Pumps: You Need to Know This! You need to hear and know this. No one else is even talking about it, yet. Mark is one of if not the first one to formulate a strategy around this historic event. This event has only happened twice, in 2011 and in 1998. I am talking about the rebalance of the Nasdaq 100 Index. The fund is required by the Securities and Exchange Commission to have a certain diversification. That has gone completely out of whack with the run up of the most popular or favorite stocks. You know them. They’re everyone’s favorites. The stocks that seem unstoppable on the upside: Amazon (Ticker: AMZN), Apple (Ticker: AAPL), Microsoft (Ticker: MSFT), Tesla (Ticker: TSLA), Nvidia (Ticker: NVDA), Alphabet Class A (Ticker: GOOGL), and Alphabet Class C (Ticker: GOOG). Mark’s strategy zeros in on the rift and the snap of two correlating stocks. It looks like this: [ This rebalancing provides a huge opportunity to use this strategy. But it needs to be set up before the rebalancing takes place the night of July 23rd. [Here is a more in depth explanation of the rift and snap.]( And don’t worry – I’ve still got a trade idea for you. [Click here to read it.]( - Licia AG's Views: JPM Puts Out a Nice Report From the desk of Option Pit Director of Education Andrew Giovinazzi JPMorganChase (Ticker: JPM) put out a nice earnings report, and the jump in rates have not cratered the bank's earnings. Apple Inc (Ticker: AAPL) earnings were flat last year but not JPM! [ [ 5 day JPM chart This was the case of “buy the rumor, sell the news”. I had some Bank of America Corp (Ticker: BAC) calls running this morning with the stock up $1.00 since I put them on only to have things retrace. The good news is that big banks are making money, and that’s no surprise with higher interest rates in a well run bank. Look for favorable earnings in some other banks coming out but it looks like I need to play the long game in BAC – my calls are Dec expiry in [Easy Trade Button](. - AG OPTION PIT GLOSSARY [( There are plenty of terms in the trading world that need defining. The [Option Pit Glossary]( is here to help. Today's phrase is: QQQ: The PowerShares QQQ ETF, which is based on the NASDAQ 100. This index holds most if not all of the Mega Cap tech stocks like GOOGL, AAPL, META, NVDA, MSFT, INTC, AMZN etc. Most of the market capitalization in QQQ is in the top 10 stocks. [( DISCLAIMER: FOR EDUCATIONAL AND INFORMATION PURPOSES ONLY; NOT INVESTMENT ADVICE. 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