The S&P continued its tear as it closed at new all time highs Friday after advancing 7% in the past 4 weeks. As the market grinds higher on increasingly smaller volume, it's getting more difficult to put on new risk. The probability of a short term pullback continues to increase. If the SPY pulled back to the 400 area, it would be the first new support area I'd look for a market turnaround. The market is still grinding higher and hasn't given much information that we're ready to pullback just yet. It's a great environment to be holding stocks long, but again, a 7% advancement in a four week span with only a few red days has made putting on new risk growingly difficult.
We've got our first big week of earnings ahead with Netflix kicking off tech names Tuesday. Earnings season is always when we make the most money. It's important to keep tabs on the best earnings and strongest earnings reaction because they lead to the biggest winners of tomorrow.
Overall I will continue to be ultra selective with any new entries I may have this week.
Earnings This Week
Click the above picture for a full list of the companies reporting this week
We have our first big week of earnings ahead of us. We have most of the airlines reporting throughout the week as well as Netflix kicking off the tech names on Tuesday.
*MAKE SURE YOU KNOW WHEN STOCKS
YOU'RE TRADING HAVE EARNINGS*
ABNB Long
As the world continues to re-open more and more, I love the ABNB story. Airports have been packed, the masses are excited to begin traveling again which will only benefit ABNB. Some of us began buying this one at support last week when it pivoted off 172 support. Since, it has only given consolidation at this support level, making this one a much better support buy setup. Looking for an entry through the 181.50-182.50 pivot resistance areas.
