I am admitedly nervous going short into earnings..
A run up like this preceding earings usually has earnings move up even more, counterintuitive to the idea that a pullback is indeed in order. Just as new lows bring more lows, new highs as well bring more highs. Sooo, we will see I guess, but I am not as confident as I was that is for sure. I have added according to plan but plans sometimes go really wrong haha.
I think you stand a good chance of weakness in APA today and tomorrow, especially as the S&P has been up 10 out of 12 sessions and is extremely overbought. Earnings is a #$%$ shoot. My guess is initial weakness of share price on release followed by management with some positive guidance/comments going forward during the call to reverse the selling. Of course, I will probably be wrong on both accounts! Regardless, it is much better to be long than short here cuz the market is a beast and is running up even the laggards like FOSL , ANF, CLF, etc. (like i predicted way back in march). This is the last phase of the rally ending in a melt-up sometime June. This means APA will be forgiven for whatever they say and buying will resume going to mid 80s.