Looking For Friday Bounces.

Boeing sometimes bounces on a Friday morning. Yet you can't really jump into it's Calls or Puts on a Thursday close hoping to profit from it's morning move. Why not? Well there are to many variables in play, one being short term changes in the price of oil. Boeing often opens up a dollar or two higher or lower in price on Friday mornings to then only to quickly reverse directions as it tries to figure out which way the winds are blowing. That's my take on things. Here are two situations I now find interesting for a Friday one day option trade. First Apple. Look at it's jumpy five day chart followed by it's Thursday one day chart of sputtering on the day until the closing bell. Could it wake up again on the opening?

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Look at how it's 355 series of Calls closed. They closed on Thursday at $1.77.

I like these slightly "out-of-the-money" Calls for a morning bounce. When Apple bounces it can sometimes move $5.00. Netflix also looks interesting. Here is it's five and one day charts. It's five day chart looks kind of scary however it's one day chart is more calming.

It closed on an uptick. Could that carry over into the morning? Here are it's "in-the-money" and slightly "out-of-the money" Calls.

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Now this. First at look at the Netflix Calls just prior to expiring.

. The 62 series of Calls jumped to a high of $1.88 (from it's close of $.91) and the 63 Calls jumped to a high of $1.00 (from it's close of $.36). If you look at it's one day chart you will see that the highs of the day happened around 10:02 a.m.

Here is how the DJIA closed on the day.

Then there is the second part of this story. What happened with the Apple Calls? Look at it's closing five chart.

Note the high of the day at 9:32 a.m., a high of $6.25! Imagine getting in then on it's Puts? Look at how the $360.00 Puts traded. Smart traders could have also done well playing it on the downside.

Remember at the start of this blog I said Boeing's last day to expiring options were not fun to play? Look at what Boeing did today.

It closed totally flat on the day. Friday expiring options often pop on the opening and that's most often the best time to get out.