Day One of the Giant Three Days is here. This afternoon is an earnings avalanche, with Microsoft and Alphabet leading the way. Shortly before the opening bell, we’ve got the big stuff down about half a percent across the board, with the next important level on the /ES at 3930.
A longer-term version (but still intraday) of the /NQ shows 12,262 as the next support, which is very close.
Thanks to last night’s Walmart announcement, retail remains weak across the board. One of my larger positions is January puts on Amazon, and that’s looking pretty good. Take note how, when integrated with after-hours trading, AMZN exhibited a very clean topping pattern prior to the plunge.
As I’ve mentioned, I’ve pretty light now, with 30% cash. I’ll probably remain light until the anti-Christ does his little speech tomorrow afternoon.
