NVIDIA Corporation (NASDAQ:NVDA) trended sharply higher early in the day, only to reverse and close near the flat line. With a closing price of $58.89, +0.15 (0.26%), NVIDIA put in a topping tail. Topping tails are reversal signals when they occur at 52 week highs. Considering NVIDIA reports earnings on Thursday, August 11th, 2016 after the stock market closes, I think it is safe to say smart money, potentially institutional money was selling. Last night, I alerted everyone I was puts on NVDA into earnings. I completed that today. I paid $2.40 for October 21st, 2016 puts, strike $55. I am currently slightly in the money and feeling good after the topping tail formed.

By Pro-Trader