But the busiest portion of the earnings season is yet to come. The weeks of April 26 and May 3, when two-thirds of the companies on the Russell 1000 report earnings, will bring an avalanche of announcements that could either help the market sustain its upwards momentum, or stall it.
So how should you invest in a strong earnings season and a resurging reopening trade? Kolanovic believes that your best option is options. JPMorgan recommends investors sell Devon Energy May 7 22.5c/20p strangles, collecting $1.17, indicatively ahead of earnings on May 4."We expect a solid quarterly report from AMD, which has notably underperformed year-to-date, particularly at the expense of buyers favoring a turnaround in INTC over AMD. However, with the forward path for INTC now well telegraphed, a solid quarter could spark a rotation back to AMD.
"Additional tailwinds supporting the group include child tax credits of $250-$300 per month per child beginning in July 2021, and the prospect of HAS entering the NFT market."
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