Traders,

Meta Platforms delivered earnings last night, and the market absolutely loved it. Its shares jumped over 20% and sent tech stocks leaping in sympathy. The Nasdaq ETF is up 2.5% right out of the gate this morning, steamrolling shorts and placing its price well above the 200-day and 50-weekly moving averages. We’ve now climbed above all moving averages on the daily and weekly time frames.

For the fourth quarter, Meta earned $1.76 per share on revenue of $32.17 billion. Facebook’s parent company also announced a $40 billion stock buyback and said it expects sales to be as high as $28.5 billion in Q1. If reached, it would end Meta’s streak of year-over-year revenue declines.

Investors will now look to Apple, Amazon, and Alphabet to keep the good vibes going.

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Chart of the Day: Nasdaq 100 (QQQ)

We now have a completed double bottom. Shares are extended, but bulls will be eyeing pullbacks with interest. 

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