I have not traded CRM in a while using credit spreads. They do report soon and I was asked to look at it. I looked at the open interest and here are my thoughts:
- 'Going with the flow' means expecting an up move
- The range has recently tightened so a move should be coming. To that, I see two possible scenarios
- Up target is 77
- Down target is 66
- Chart below draws possible paths.
- Keep in mind that earnings are complete coin flips and I never take full positions into ANY earnings results. Statistically it's actually been 50% up/down moves on earnings for CRM. BUT their CEO usually goes on Cramer's show and yaks his way back to green soon there after.
- I have no positions in CRM nor am I likely to take one.