Market Enters Busy Earnings, Data Week

World markets are mostly green overnight as Europe is up small and Asia is quickly bouncing back from last week’s weakness. The Shanghai went from red to green and Japan’s Nikkei finished up 2.2% to pare some of last week’s losses.

The grind continues as last week the S&P closed at another all-time high. This seems like the most uncelebrated all-time high ever. S&P futures are up 3-4 handles opening above last week’s high of 1759 – use that as your pivot. Under that you have 1752 then last week’s pivot low of 1740-1742.

We have another week of earnings on tap this week. Last week markets closed relatively strong on the back of Amazon (AMZN) and Microsoft (MSFT) earnings. Today we have Apple (AAPL), Seagate (STX) and Merck (MRK). On Tuesday we have Baidu (BIDU), LinkedIn (LNKD), Buffalo Wild Wings (BWLD), Interactive Corp (IACI) and JetBlue (JBLU). On Wednesday we have General Motors (GM), Facebook (FB) and the Fed decision.

In today’s Morning Call we will look at the potential continued opportunities in high beta tech.

Amazon (AMZN) gapped up and closed towards the top end of its range after earnings. It probably needs some time now to digest. The new pivot resistance is $368.40 and the gap starts at $352.40. The action of the next few sessions could tell us how to approach this in the weeks to come.

Google (GOOG) gave a great earnings options play and then some follow-through above $1019, hitting a high of $1040. It then pulled in as it’s trying to do some work above $1000. Use $1010.74 as your pivot support, but there is no great set-up right now.

Apple (AAPL) is reporting earnings after the close today with consensus EPS estimates of $7.89. The stock had a nice run recently after the breakout at $490. It’s been holding above the 8-day EMA, showing buying interest. It looks like investors are betting on a good earnings number. I most likely will do some type of call spread and put it on later today. I’m thinking of buying $530’s and selling $545’s – tune into the VTF for details later.

LinkedIn (LNKD) is reporting earnings after the close on Tuesday, with consensus EPS at $0.32. The stock has been grinding higher after holding above the 100-day on Oct 9th, but showing relative weakness as it was lagging the market last week. It needs to hold $235 to avoid additional damage. Pivot resistance is $255-257. I will visit this tomorrow

Netflix (NFLX) was sold on its day of earnings. It opened around $390 and Carl Icahn sold half his stock, helping to drive the price down. It’s now trying to build a lower-level base here. I’m not sure what’s next, but a break below $325 could lead to some downside. On the flip-side, if it holds above $337 perhaps it could gives a trade to the upside. I’d use a shorter-term time frame on this one now.

Facebook (FB) shed 0.93% on Friday to briefly break below its 8-day EMA. Next support sits at $51.13. Below that we have the 21-day EMA at $50.43ish. I think it could be choppy until earnings on Wednesday. If it were to get towards $50ish, I might consider putting on the first part of a call spread for that EPS.

Tesla (TSLA) saw a composure change a few weeks back as it broke its 21-day and now sits below it. Some think a Head and Shoulders Pattern could be developing. Important support would be $160-$166, and below that and the 100-day day is down at $146ish.

In last Week’s Morning Call we highlighted the fact that the metals are starting to act a bit better. We will re-visit them for a look today.

Gold (GLD) broke and closed above its 50-day with 0.43% gain on Friday. It has room for a move up to $133 area before it runs into the next resistance. The stock needs to stay above $128.30ish to stay interesting.

The Gold Miners ETF (GDX) has also been grinding higher with 0.73% gain on Friday. Holding above $25-25.30 would keep its momentum intact for a potential move back to the $28-28.50 resistance area.

Silver (SLV) showed some relative weakness on Friday as the ETF sold off 0.73%. Holding above $21.25 would keep it interesting.

Banks are still a bit lethargic but held higher. See if some attention comes back here.

Last week we talked about how the Homebuilders and Utilities could outperform for the 4th quarter – so far, so good.

There’s still a lot to do as we’ve had lots of nice earnings action and patterns continue to resolve both ways. There have been lots of all-time highs for investor/stock pickers, and lots of actionable idea flow for those with an open mind and not just short on the brain.

Disclosure: Scott Redler is long GOOG call spread, XHB. Short SPY

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