TSLA 0.00%↑ coming in with some better then expected numbers with a 11% beat on earning per share and slight 1% beat on Rev. Even with the better than expected results, its trading lower in the premarket at roughly 280/share. Down from the high of almost 300 yesterday.
NFLX 0.00%↑ had mixed results with a pretty heft 15% beat on EPS coming in at 3.29 a share but a slight miss of 1.25% on revenue. I would not doubt if the no longer sharing screens had a mildly negative impact on the top line number.
I don’t play earnings, so for me these are off the table probably until next week to see how everything digests.
That leads us to the SPY 0.00%↑, We are sitting on top of an hourly value area with a few spots below us for possible support if it falls.
The Hourly short term POC around 450 I would expect to provide some sort of bounce if we even get to it. There is some decently low volume from 452 - 454 so if we fall through that I could see if being a quick drop.
On a slightly longer scale we are pretty high above the Value Area High. The same low volume area exists with a potential stopping point around 451. There appears to be a lot of confluence around that 450-452 handles. Could be a solid place to look for a move.
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XOM 0.00%↑ is finally moving in our direction. Not much to report there, I expect those positions to work out, but I will be keeping an eye on them to get out of risk as fast as possible.
I will end todays notes with this. Jim Cramer posted that he thought we were finally overbought. So that points to the bulls and favors a rally. We can always count on fading Jimbo for an solid trade.
Trade safe, and remember today is Thursday. If you are up, don’t size up. If you are down, don’t size up. No one want to have to pray for a Friday miracle and/or go into the weekend feeling like an asshat.