The Shakedown 7-19-20

Linked up with Stocktwits for a daily (Mon-Thur) after market podcast. Quick, digestible 5 minute episodes. Would be very appreciative of anyone clicking the pic above and subscribing -- need to get the numbers up so I can come for the big boy renegotiation when it's time :)

LAST WEEK, S&P 500 (+1.30%):

Monday: -0.87%

Tuesday: +1.30%

Wednesday: +0.92%

Thursday: -0.33%

Friday: +0.29%

All things considered, it was a relatively quiet week in the markets with broad markets generally giving a week of consolidation. That being said, the week kicked off with a bang as markets gapped up Monday morning, up as high as 2% on the day, only to reverse hard to close down 2% in a wild intraday swing. Tuesday, we saw the morning selling pressure reverse as buyers took back control at a key support area. Wednesday through Friday were characterized as tight consolidation days.

The action we saw out of the SPY in the latter half of the week was the healthiest price action possible to set us up for a breakout this week. Will that happen? I'm not sure, but this is the best the SPY daily has looked at this key resistance area.

The thing about this week is that it's the first week we really get into the thick of earnings season, with 300 companies reporting. We have some big names this week with Tesla, Microsoft, Chipotle, Intel and so many other big companies reporting.

The other thing to keep an eye on this week is the vaccine watch. The market recovered from the selloff last week on "vaccine hopes" when a flurry of positive news hit the market. Astrazenica and Oxford University's potential Covid drug goes after their phase 3 trial this Monday the 20th, which could be a market mover based on whatever results may be.

First Big Week of Earnings

Click the above picture for a full list of the companies reporting this week

What to expect out of earnings this quarter? A big "WE'LL SEE." As we saw with Netflix, they had a solid quarter, but they guided their future softly and the stock closed down almost 7%. They are still up about 65% from their March lows, so we'll have to watch if some names ran too much into their reports for further gains.

TSLA, MSFT, SNAP, LMT, HAL, TWTR, AAL, LUV, INTC, PM, CMG, UAL, AXP, CTXS, ISRG, CDNS, HCA, CHKP, IBM a few of the bigger names reporting this week.

Let's keep a close eye on every single name that gaps up and holds that gap-up on the daily.

IPO market has been so hot. Going to keep an eye on a few names going forward

KR Long

With so many stocks having earnings upcoming, KR was one of the few setups I was looking at this week where time won't be an issue.

This KR, Kroger, is much more of a macro trade. Wouldn't expect this one to break out like the recent IPO's we have been trading. That being said, really nice setup on our hands. Has been flagging for weeks if not months at this point. We need to see a strong break of 34.50 to get involved in this one.

Have to note that it's a slower mover so this trade will likely take some patience. 

Trigger: $34.50

Stop: $32.89

Target: $37-39+

Hope to see you in the chat Monday!

Watchlist coming in the following email.


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