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We’re just over an hour into the trading day, and it’s look good so far. Below are my fifteen bearish positions (I am long puts on all of these, expiring no sooner than January 17 2025). Three are up a tiny bit, but on the whole it’s a really good morning.
Apple reports its earnings tonight, and that makes me a bit sad. The reason is that Apple’s report marks the end of the really good part of any earnings cycle, and it’ll be back to just obsessing over the Fed again instead of, ya know, actual corporate data. In the waning hours of this last earnings season of 2024, let’s enjoy it while we can.
The big ones last night were MSFT and META, and they’re both sinking, which has led to a really cool first-time event: the breach of the August 5th trendline on the /NQ futures. If AAPL sucks the big one tonight (thanks, in part, to the absolute wreck of their Vision Pro product), it could really start pushing things cleanly below this medium-term support level.
