SINA had a bullish engulfing candlestick pattern today. I recommended SINA last week ahead of the GOOG earnings. SINA is set to report earnings on August 1st. Today's price action could lead to a rise in the stock going into the earnings. I don't usually like to hold a full position going into an earnings announcement. If you get a decent rise into the announcement, you could sell half or most of your position and take your "earnings report" chance with a smaller position. You could use a regular call position or I also like the August 120/125 Bull Call Spread. The S&P 500 bounced off of the 1295 area today. We'll see if this holds as support for another rally up. If 1295 doesn't hold, it could be a quick move down to 1260-1265. Don't forget to check the silver update that is just below this update.
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