Market Overview and Earnings Highlights

Oct 18, 2024

Key Market Overview and Earnings Season Highlights

Market Performance

  • 52% of stocks in the S&P 500 closed down.
  • Market closed up by 0.01%.
  • Notable moves in TSM, airlines, and tech stocks.
  • The SPY made new all-time highs in pre-market.

Earnings Season Highlights

  • TSM: Kicked off earnings with positive results.
  • Tech Stocks: Nvidia, Apple, Microsoft had notable pre-market moves.
  • Netflix: After-hours report showed a 5% rise; beat profit and revenue expectations.
  • Disney: Potential sympathy move with Netflix.
  • UAL: Significant post-earnings move; intraday options up 700%.

Important Stocks & Commodities Insights

  • Gold: Made a new high today, up 0.6%; showing strength amidst global tensions.
  • Silver: Potential breakout at $29-$30 level.

Trading Insights and Strategies

  • Keep earnings stocks on watch for potential post-earnings moves.
  • Playing earnings directly can be risky due to possible IV crush in options.
  • SPY key levels for tomorrow: 585 resistance, 582.50 support.

Stocks to Watch

Bearish Focus

  • VST: Overbought; resistance at $144; bearish momentum observed.

Bullish Focus

  • CLF: Strong 4.67% move; watch breakout above $13.80.
  • Zoom (ZM): Breaking out past $72-$73 resistance; bullish radar.

Volatile/Risky

  • PHUN: Up 17.98%; news-driven rally with significant booking increase and cash burn reduction.

Momentum Plays

  • MGM: Break above $40.65.
  • Chevron (CVX): Break above $151.50.
  • ASTS: Both directions; break above $29 or below $26.50.

Big Money Trade

  • JD: $1.28 million in 45 strike June 2025 call options.
  • Chinese stocks downtrend, but long-term uptrend potential with China's economic stimulus.

Economic and Geopolitical Outlook

  • Upcoming economic data: building permits and housing starts.
  • Geopolitical tensions: Middle East tensions impacting gold's safe haven status.

Trading Tips and Community Engagement

  • Importance of fundamentals: stop losses, position sizing, trade journaling.
  • Discord community: resources and member highlights.
  • Recent updates to trading tools and community features.

These notes provide a summary of the key points discussed in the presentation, focusing on the market overview, stock highlights, trading insights, and community resources.