Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

We Are In Eye Of The Storm Of Earnings Mega-Sweep

Published 10/26/2022, 10:15 AM
Updated 07/09/2023, 06:31 AM

In case anyone needing convincing that, in recent days, just about everything with a ticker symbol has been zipping higher, they need look no farther than crypto, which only two weeks ago looked like it was tumbling into oblivion and has instead become red hot once more.

Ethereum:

Ethereum Chart.

As for equity futures, the big news was, of course, the earnings from Microsoft (NASDAQ:MSFT), Texas Instruments (NASDAQ:TXN) and Alphabet (NASDAQ:GOOGL), which actually managed to produce a little red. Although the ES is well off its lows, it’s still down more than 30 points as I’m typing this (although God knows how long it’ll last; you saw how instantly the Russell 2000 Futures exploded higher yesterday the millisecond the cash market opened).

S&P Futures 1-Minute Chart.

The NQ is down more deeply, a little over 200 points and nearly 2%. We are going through, of course, the mega-sweep of earnings this week, with today being a bit of the eye of the storm (I mean, seriously, who cares about Meta (NASDAQ:META), which reports this afternoon, as opposed to the likes of Apple (NASDAQ:AAPL) and Amazon.com (NASDAQ:AMZN)?) Anyway, the /NQ has held on to most of its shave from yesterday evening:

NASDAQ 1-Minute Chart.

What intrigues me most is what’s going on with the Dow Industrials, which have been relatively strong for many weeks. We are within spitting distance of a major price gap.

Dow Jones Industrials Chart.

The market’s tone, however, won’t really be decided until AAPL and AMZN report tomorrow afternoon. The bulls have, understandably, acquired massive amounts of bravado and confidence over the past seven trading days, and it’s entirely possible this little nick from last night is just a forgettable bump in the road. I sure hope not, of course. I can’t take much more of this, to be honest.

Companies Still To Report Earnings This Week.

I remain sickeningly long cash, although I’ll probably timidly re-enter a few positions today if the market stays relatively weak. As long-time readers know, I have a perfectly negatively-correlated relationship between what the market is doing and how I’m feeling, so you should probably take my utter lack of confidence with an appropriate sense of gravitas.

Latest comments

Lows are in for the year and possibly for multiple years. Beware of Tim. He is never bullish.
Exactly! Who cares about Meta; unless of course, it brings in some nice numbers...  Would be another pathetic excuse to pump it up.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.