10/17/22 Hello Earnings, Good Bye Bears


Remember Thursday’s wild ride? Market swung 5% intraday…

On Friday markets gave back some of those gains. However, all major indexes finished well off Thursday’s lows.

  • Dow Jones -1.3%
  • Nasdaq -3.1%
  • S&P 500 -2.4%
  • Russell 2000 -2.7%
Photo by Jon Tyson on Unsplash

The closest news-related item we can blame the selling on came from the U.K. The Prime Minister said corporate taxes are set to rise 25% next year.

The finance minister had previously said the tax hikes were postponed.

Sector Round-Up

All 11 sectors declined on Friday.

The best performers…

  • Healthcare (XLV) -0.7%
  • Utilities (XLU) -1.4%

At the bottom…

  • Energy (XLE) -3.7%
  • Consumer Discretionary (XLY) -3.7%


For the bulls to take over the market this trend needs to break.

VIX Daily Candles – Chart via thinkorswim

Although the VIX is relative, historically bull markets see the VIX at 20 or below.

Until this uptrend, as marked on the chart, breaks the bears are still in the fight.

Not much else to tell as we await a big week for company earnings…


For months the markets have hung on every word of the Fed and every inflation report.

Now it’s earnings season. We’ll finally get to see the books and hear directly from executives. 

Here’s the main reports we’ll be watching this week. Futures are more 1% higher as the market awaits the first batch…

  • Monday premarket
    • Bank of America (BAC
    • Charles Schwab (SCHW)
  • Tuesday premarket — Goldman Sachs (GS)
  • Tuesday after hours — Netflix (NFLX)
  • Wednesday after hours — Tesla (TSLA^)
  • Thursday afterhousr — Snap Inc (SNAP)
  • Friday is monthly options expirations


*Low Float
^Open Position*PEGYsupport at $5
*^RELL support at $18
*RVPH on watch
*WNW on watch
HROWresistance at $13, support at $11
IMUX support at $10
ETNB support at $7.50
IMVT support at $9
VIST support at $11
WVE support at $4.50
ADEA support at $10
HLIT support at $13, resistance at $14

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