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Earnings Destruction: Trading RBLX on Earnings
My earnings destruction list is long this week, which you can find at www.twitter/traderdanielle. I’m already in LMND and NVAX, but I want to add some additional tickers, and I’m eyeing RBLX. Roblox was once crack for kids, but they are still losing money and surely have a lot of bag holders needing to get out. For this reason and more, I’m eyeing a short on earnings. Check it out here!
Off to a Rough Start
Started out with a Bang today. A Crash Bang. SPUs down 3.2% out of the gate. Finish like the Derby @ 80:1 odds? Looks like the answer lies in Wednesday’s report. I’ll explain.
Levels to Consider a Bounce
Stock indexes closed the day about as bearish as they could, but now that everyone is onto the idea, at least be aware of the potential of some short covering. If that is the cue of the day, this is one sector I’ll be keeping an eye on.
Drop It Like It’s Hot
The S&P 500 bounced twice from its Voodoo fireline today. However, the heat from that fire might make it hard to hold onto for long.
Sentiment of the SPY
Thursday brought one of the more bearish sessions we’ve seen all year, and the selling is likely not done yet. We’ll see what Friday’s employment data brings, but until this sentiment reading makes a new high, equities are likely to be under pressure.
How to daytrade through economic events.
FOMC and Powell have sent the indices on a two-day rollercoaster ride. Here’s how I measure sentiment as well as gauge strength or weakness on these very volatile days. When you have some great measuring sticks for support and resistance, it sure does help.
Relief Rally or Disbelief Rally
In today’s video, we break down the crazy “relief” rally we had today after the FED meeting and Powell’s comments. We ripped higher by 161 points in the ES and took out a lot of shorts. Every time I think we have seen the wildest moves, we get even more. Where do we go from here? We discuss the reasons we could have more upside and/or an eventual pullback.
Market Rejoices with the Fed’s Move
Today we heard from the Fed with the rate decision of (+) .50bps and the market made its feelings about that known. The question now is the same as always, “Now what?” Let’s take a look at that in our mid-week update.
SPY Reverting to the Mean?
With the SPY testing support, closing on a hammer candle (reversal pattern) with +15 million ($6.5B) late buy prints with confirmation today. As long as nothing is said during the FOMC that isn’t already priced into the market tomorrow. The SPY is set to revert to the mean (21EMA) and test resistance at the $430 level. Here is a trade idea you can potentially benefit from.
