Buy CELG via selling Aug 47 puts
Celgene higher on earnings and full year projection. Support at 47.5, stock at 54.75.
Stock market rally booms ahead. For Elliot wave folks it looks like a fifth wave up from the March lows. After that is anyone's guess, but the old clichés about don't fight the Fed, don't fight the tape comes to mind. Fed continues to accommodate, tape is strong. A third cliché might be: don't fight earnings.
If earnings are up (above consensus estimates and whisper numbers), stocks tend to go up. So far, there have been a lot of high profile upside earnings surprises, and comparatively few misses.
Long INTC, IWM, XLE, MTB, CELG
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