October 29, 2024

Markets:

Stock futures were muted Tuesday as investors readied for key corporate earnings releases, including reports from notable tech names.

Those moves come after a winning session on Wall Street for the three major indexes. Notably, the blue-chip Dow broke a five-day losing streak, while the tech-heavy Nasdaq Composite notched its eighth positive session of the last nine.

Stock investors appeared to welcome a drop in oil prices, which came after weekend airstrikes from Israel toward Iran didn’t hit energy facilities as some expected. But equity gains were capped as Treasury yields continued to rise.

Traders will keep an eye on earnings reports from major companies due on Tuesday as the busiest week of this earnings season continues. Alphabet, Snap, Reddit, Chipotle and Advanced Micro Devices are all scheduled to post their quarterly results after the market closes.

Tech juggernauts Meta Platforms and Microsoft are slated to report on Wednesday, while Apple is up on Thursday.

On the economic front, investors will monitor job openings and labor turnover data due in the morning, the first of several reports coming this week that will provide insight into the strength of the job market. Elsewhere, data on housing prices and consumer confidence are also expected on Tuesday.

Portfolio:

The hated "move" in so may sectors and names continues. These moves continue to anger folks as they all want to be right on calling tops. It amazes me to witness this. They continue to refuse to see the runway being created and will most likely miss the entire move we can expect for the next year or so. Possibly longer!

Today is all about earnings and positioning! It all begins today after the close with a few monster reports in sectors we love to follow. The next three days will be outstanding for opportunities to emerge and for us to move in on to take advantage of a year end move. We truly expect this earnings quarter to present us with a number of gap and go setups. Patiently waiting.

We enter todays session holding setups in PLTR, IONQ, HOOD, and LUNR.  Beauty booked yesterday with TSLL for 20%.  We're absolutely crushing the last several months!

Stay patient today. Although the queue is igniting, not sure we will add into tonight's earnings. The first round of major earning reports has historically never set the greatest responses. Keeping that in mind and thinking about mind set into Wednesday and Thursdays stage. But be ready, we never know where we will see a flow of strong money and technical chart that we cannot deny.