Earnings season is back with Bank of America (BAC) and Morgan Stanley (MS) reporting Q2 numbers this morning while Goldman Sachs is up tomorrow, states Ian Murphy of MurphyTrading.com.

Analysts will be looking for signs of the so-called ‘soft landing’ we keep hearing about as rising interest rates dampen inflationary pressures.


Meanwhile, US equity markets will open in earnest in a moment, and let’s check how the two trades on ProShares Ultra S&P500 2x Shares (SSO) are unfolding. The third target on the Help Strategy was clipped on Friday (left chart), so traders going with a defined move approach on this would be out now. For those trailing a stop under the final ⅓, the hard work is done and it’s now just a case of wait and see.

On the 52-Week Strategy, which we haven’t looked at in a while, the trade is still alive and doing well. The trigger from December second has gained 18.9% since the entry over six months ago (green vertical line on the right chart). The soft trailing stop moved up to $51.05 after the close on Friday (gray tag on price axis).

Learn more about Ian Murphy at MurphyTrading.com.