Tackle Today: 3 red candles
October 15, 2020
≈ The start of a retracement ≈
Traders,
Stocks are slightly down in early trading Thursday as a lack of bullish catalysts have sent markets into profit taking mode. After Monday’s explosive rally, we have seen 3 red candles develop in an orderly Bullish Retracement pattern. It will be important to watch how price responds to potential support and trend catalysts in the charts over the next few days.
The news cycle has been quiet, as markets change their attention to corporate earnings reports. This week, we have seen many of the major banks report earnings, some strong (Goldman Sachs) and others were weak (Wells Fargo for example). Next week, we get some major names like Tesla, Verizon, Netflix, and Coca Cola to report their earnings. There are 91 large cap companies bigger than $10 billion in market cap to report next week. The week after, it is even busier than that.
Watching earnings reports, and the price action from stock prices after them, is going to be important this month. As the market is lacking a catalyst, it is possible that earnings season will become the focus of many traders trying to understand the state of the recovery and prospects for 2021 earnings.
Join us daily, in our Halftime report, as we analyze the news of the day, break down the charts and analyze the important corporate earnings reports. It is nice to simply analyze charts, data, and information.
#TeamTackle
Chart of the Day
Zoom Video Communication, Inc.
Zoom Video Communication, Inc. (Ticker: ZM) is up +4% in early trading Thursday. It’s been one of the top performers year to date with a +648% gain. It’s also a candidate on this week’s Options Report where we select bull and bear candidates for the upcoming week. Review the full report here: https://tackletrading.com/options-report-oct-10th-2020/
Video of the day
Trading Iron Condors
Watch the replay of last night’s webinar on Trading Iron Condors with Coach Emily.
Traders Lounge 11 AM EST
Join the coaches in this live lounge, ask questions, discuss ideas or just sit back and listen to veteran traders discuss market conditions.
Cashflow Club 8:30 PM EST
Held every Thursday before Friday’s option contract expirations, this show helps you perfect your favorite cashflow strategies.
Halftime Report 12:30 PM EST
The Halftime Report starts at 12:30 EST and covers what news is driving the market, chart analysis from the movers and shakers of the day and fun in a way that only Matt and Tim can deliver.
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