Know the implied move

Options pricing tells you how big a move the market expects. Reactions inside that range are rarely tradeable; reactions far outside it usually are.

Guidance beats headlines

A beat on revenue and earnings can still sell off if forward guidance disappoints. We read the outlook first and the headline numbers second.

Let day two confirm

First-day reactions can reverse quickly. Waiting for day-two confirmation costs a little upside and saves a lot of whipsaw.