NQ in Pre-Earnings Rally 7/20/2020
NQ rallied like no tomorrow. It turns out that historical support that I was playing around with actually came into play. This support (blue line) was from February 2016. It was the resistance during 2017.
Looks like the NQ is approaching the top of my channel again. Yes, I do mute channel lines that I deem as too far away that day.
Amazon, Microsoft, and Tesla report earnings this week. What a surprise... they are the 3 stocks that rallied the most today. The rest of big tech reports next week. Big tech has entered into the pre-earnings rally.
If earnings have taught me anything, it's to expect the unexpected. Financials had very, very low expectations so the bears were frothy at the mouth. They shorted the banks a few days before bank earnings. It ended with a short covering rally.
Netflix had high expectations due to it being a COVID heavy stock. They missed earnings and dropped nearly 10% the day after.
Here is my question: what will happen to big tech if expectations are very, very high? If I were still long, I would be taking profit tomorrow. I could predict a pre-earnings hype. I cannot predict what will happen afterwards.
Looks like the NQ is approaching the top of my channel again. Yes, I do mute channel lines that I deem as too far away that day.
Amazon, Microsoft, and Tesla report earnings this week. What a surprise... they are the 3 stocks that rallied the most today. The rest of big tech reports next week. Big tech has entered into the pre-earnings rally.
If earnings have taught me anything, it's to expect the unexpected. Financials had very, very low expectations so the bears were frothy at the mouth. They shorted the banks a few days before bank earnings. It ended with a short covering rally.
Netflix had high expectations due to it being a COVID heavy stock. They missed earnings and dropped nearly 10% the day after.
Here is my question: what will happen to big tech if expectations are very, very high? If I were still long, I would be taking profit tomorrow. I could predict a pre-earnings hype. I cannot predict what will happen afterwards.
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.