10/18/22 The Metaverse Isn’t Dead—Says $5 Billion


Monday’s trading session is in the books, and it logged some impressive numbers.

  • Dow Jones +1.9%
  • Nasdaq +3.4%
  • S&P 500 +2.6%
  • Russell 2000 +3.2%

Once again, the U.K. had a role to play…

Photo by Steve Johnson from Pexels

This time the government scraped cut taxes for individuals.

The markets approved of the plan, which could help to curb inflation.

Sector Round-Up

All 11 sectors gained on Monday.

The best performers…

  • Consumer Discretionary (XLY) +4.1%
  • Real Estate (XLRE) +3.7%
  • Technology (XLK) +3.1

At the bottom…

  • Energy (XLE) +1.3%
  • Consumer Staples (XLP) +1.1%

Notable Names

A few of Monday’s big movers caught our eye…

Image from Roblox

Metaverse stock Roblox (RBLX^) gained 20%.

  • Buyers added about $5 billion in market cap.
  • The catalyst … impressive growth numbers.

Bank of America (BAC) gained more than 6%.

  • The surge in stock price added over $15 billion in market cap.
  • The company reported better-than-expected earnings.

Shares of Cano Health (CANO) fell 42%. 

  • The decline shed about $2 billion in market cap.
  • CVS Health (CVS) is reportedly walking away from a deal to acquire the company.


The VIX is at support. 

VIX Daily Candles – Chart via thinkorswim

The VIX has been trending higher for two months. A break from this trend will bolster the bull’s seasonal strength.

Our other signals offer no alternative narrative…


Three weeks until midterms.

The market has priced in a divided government.

Once the elections are settled, there will be little to hold the bulls back.

Remember, the “sweet spot” runs through Q2 of 2023.


*Low Float
^Open Position

*PEGY support at $5
*^RELL support at $18
*RVPH support at $3
*WNW on watch
HROW resistance at $13, support at $11
ETNB support at $8
IMVT support at $9, resistance at $9
VIST support at $11, resistance at $12
WVE support at $4.50
ADEA support at $10
HLIT support at $13, resistance at $14

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