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As the market world continues to obsess over Gamestop, the rest of us will focus on other, less ulcer-inducing trade ideas. The SPY finished below it’s 50 SMA for the fist time in over three months. With early action suggesting a slightly green open, we’ll watch a break below Friday’s close in both the SPY and QQQ as a possible signal we’re headed lower. Long side value traders will be paying special attention to a possible base-and-bounce either this week or next, with some high quality names following the markets lower.
This is not a time for “hero trading” and trying to call and catch the short term bottom. Some key levels of support are in play.
Earnings to watch for:
Tuesday – AMZN, BABA, BP, XOM, HOG, EA, UPS, GOOGL
Wednesday – QCOM, PYPL, EBAY, ABBV
Thursday – YUM, SNAP, PTON, TMUS, CLX