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Earnings Season Ramps Up
www.oneoption.com
Financials have dominated earnings so far and this week we will hear from other sectors.
PRE-OPEN MARKET COMMENTS MONDAY – The market is trapped in the long red candle from 10 days ago when new tariffs on China were announced. This week, Scott Bessant is going to meet with his Chinese trade counterpart in Malaysia. I believe the optics will be good, but that China is going to string this along as they have. They feel they have the upper hand.
From a market standpoint, I don’t believe investors will care about the trade negotiations until there are actual supply disruptions or higher prices. The threat alone is not enough since both sides can change their minds and forge an agreement at anytime.
The government shutdown continues and there are no signs of progress. Again, the market will assume that an agreement will be reached per normal.
Earnings season will provide us with action this week. Financials have been weak so the market will have to find strength elsewhere. Credit concerns take a long time manifest and the write downs while meaningful, will soon be forgotten. Look at how far the market has run since Silicon Valley Bank went under.
Seasonal strength will begin next week and the FOMC statement is a week from Wednesday.
Global markets were generally higher and the SPY is going to open above AVWAPQ this morning. The market has been trading above and below that level and it is right in the middle of the long red candle from October 10th. I am expecting a relatively quite day ahead of earnings this week.
Support is at AVWAPQ and resistance is at the all time high.
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