10/31/22 Best Month Ever! Are You Cashing In?


For the second Friday in a row, markets surged higher. And each index posted big gains…

Mash up create from Pexel images
  • Dow Jones +2.6%
  • Nasdaq +2.9%
  • S&P 500 +2.5%
  • Russell 2000 +2.2%

Sector Round Up

All 11 sectors ended the day in positive territory…

At the top…

  • Technology (XLK) +4.4%
  • Utilities (XLU) +2.8%
  • Communications (XLC) +2.5%
  • Financials (XLF) +2.5%

At the bottom…

  • Consumer Discretionary (XLY) +0.1%
  • Energy (XLE) +0.4%

Notable Names

Amazon (AMZN) settled 7% lower on Friday after falling as much as 20% immediately after reporting earnings.

  • Blame weak holiday forecast.
  • The $1 trillion company weighted heavily on the Consumer Discretionary sector.

Apple (AAPL) stock rose about 8% on Friday, posting its best single-day gains since April 2020.

  • The surge came after earnings modestly beat expectations.
  • Demand for its premium hardware remains high across the globe.
Image from Crypto Daily

As Elon Musk closed his Twitter takeover deal, Dogecoin (DOGE^) gained 150% last week.

  • The token rose from $0.06 each on Monday to $0.15 on Friday.
  • This morning it’s trading near $0.12.
  • Crypto as a whole has not recovered with DOGE … Bitcoin^ gained about 5% over the past week.

Gilead Sciences (GILD) rose 12%, adding more than $10 billion in market cap on Friday.

  • The earnings winner doubled its cancer drug profits.
  • It also raised guidance for the current quarter.


The Dow Jones could end its best month ever today.

DIA Daily Candles – Chart via thinkorswim

It’s up about 12% on the month, and if the index can hold its gains today, it will end the best single month for the index in its 126-year history.

As our chart shows, the index is currently overbought, and a pullback is likely near.

All other signals remain bullish…


Today marks the start of another busy week for earnings.

Here are our top stocks to watch:

  • Avis Group (AVIS) Monday after hours
  • Uber (UBER) Tuesday premarket
  • AMD (AMD) Tuesday after hours
  • Devon Energy (DVN^) Tuesday after hours
  • Robinhood (HOOD) Wednesday after hours
  • Peloton (PTON) Thursday premarket
  • Coinbase (COIN) Thursday after hours
  • Draft Kings (DKNG) Friday premarket

Your November outlook is coming tomorrow morning.


*Low Float
^Open Position

*COEP on watch
*KLXE support at $14
*^RELL resistance at $24
*NINE support at $5
SLS resistance at $4
IMRA support at $4, resistance at $4.60
MEDP on watch
AEHR support at $20
PI support at $100
ASC support at $12
ETNB support at $9
NUVL on watch
^IMVT support $11
WNC support at $19
PCVX support at $42
PARR support at $20 or $21
KULR support at $2
VIST support at $13
OII resistance at $13.50
HLIT support at $15
MCRB support at $7.50
HLX on watch
CHX support at $26
ROL support at $39
GILD on watch

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