Here’s What To Watch In This Big Earnings Week

Posted by Joe Duffy | Oct 29, 2024 | Joe Duffy's Trading Advantage, Uncategorized | 0 |

The market view articulated in the weekend update looks good so far — specifically that the area of Friday’s low would hold for Monday and Tuesday and then comes the slew of earnings. Almost 40% of SP 500 companies have earnings this week and the big names start on Wednesday. See the current consolidation of SPY in the attached chart. One thing that I wouldn’t rule out — and that I’ve heard exactly zero people talk about — is an acceleration out the top of the box.

If earnings are a catalyst then complacency seems to me to be providing the kindling for a short squeeze. I agree, why are we buying up here — however the why isn’t important if a squeeze starts, Just something to keep in mind as ranges are tight and a range expansion is due. Not every range expansion has to be lower.

Thanks,

Joe

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Joe Duffy

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