FB, AAPL, AMZN, NFLX, and GOOGL are all at the same level they were pre/post earnings last July. Keep in mind that it was the last batch of reports before the big tank.
So what does this mean? Maybe we go into a market melt up like last summer and the market tanks after the China trade news. Hard to say, some stocks are doing well on earnings and others are not. Mixed bag so far, really no way to predict earnings reaction at all, especially with reduced expectations.
Look at Dicks (I mean the stock, DKS). Missed earnings and still went to a 52 week high. The market is just getting stupid now.
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Financials (XLF) are at the same spot as last July as well. Market appears to be blowing off soft guidance from NFLX and IBM, futures are flat.
It would appear that the market is indeed going to melt up like last summer. Might just take a break from the market, don't feel like chasing a top.
Good idea HH. I credit ur pub on mine. It's right at 0.62 Fibo. Maybe a fakebreak. My QQQ hedged short holds up nicely, will add soon.
hungry_hippo
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@DaddySawbucks, just an observation. Not really sure what this means, but I think it's really strange that they're all at the same level as July when QQQ is near ATH.
I don't plan on shorting index ETFs, willstick with individual stocks and sector ETFs.
DaddySawbucks
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@hungry_hippo, Pumptards might still drive FAANGS to 0.76 Fibo as shown on my chart bands. Pure crapshoot atm, GL!
hungry_hippo
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@DaddySawbucks, computerized pump and dump with futures. We'll see what happens with NFLX tonight.
DaddySawbucks
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@hungry_hippo, Never imagined it could pump NQ back up to 8K... closed my short puts and wrote higher strikes Exp Apr (Thursday last trading day for Good Friday!), i.e. rolled up for net credit. Position overall is flat in spite of bullies; added more today. Not all in yet; let's see the numbers!
hungry_hippo
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@DaddySawbucks, one of the things to note is that GS earnings showed low trading income. It means most of this is just computerz pumping and no retail investors, other than shorts getting squeezed. Who else would be throwing money into the market at the top? Let the computerz play chicken with each other, I'm sticking with small trades on chart patterns.