Earnings season kicked off last week.
We saw the banks report and subsequently rip higher for the first time since legit March 2018. I would not be surprised to see new money continue to rotate in that direction after the action we saw this week. NFLX gave some pretty solid earnings, but what I think is most important is the fact they're raising prices and cutting down on shared accounts - I am very bullish on them this quarter. Of course, their stock made a casual 50% move running into the earnings report (before the news of price increase - think someone knew something?!). So, it needs time to consolidate a bit, but will be one to watch. TEAM was another one with their ridiculous earnings growth. They opened at all time highs and sold off all day, but I'm confident that will be a good one this quarter when it gives us a daily setup.
We have something like 150 companies reporting on this Holiday shortened week, so it will be a busy one for sure.
The market is still somewhat overbought, but from a technical standpoint we've just been riding the 8sma higher on the daily in the SPY. Every dip has been quickly bought in the past 4 weeks so we'll see if anything changes going into the week. There's still a lot of headline risk out there and things can quickly change at anytime in this market, so stay nimble out there. We just need some consolidation of some sort in the market, but individual charts and names have acted great, and so long as that trend continues I will continue to buy them.
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