When Can We Buy the Dip?
When Can We Buy the Dip?
AMZN earnings preview, Ford, NET, Ethereum and more.
On Monday morning, our premium post detailed a handful of stocks we were keeping an eye on for a potential dip-buying opportunity.
That’s not saying we’re full-blown bearish necessarily. However, the SPX rallied in 9 out of 10 sessions, with its one down day weighing in at an 11 basis point decline. So to be on the lookout for buy-the-dip setups is reasonable in my mind.
For that, we have to turn to the leaders and that’s why earlier this week I flagged a handful of stocks, including:
BX, APO, KKR
ICE, TSLA, AMD, NVDA, CAR, CRWD, NET
ESTC, MSFT, DOCN, F, UPST
As far as sector ETFs go, keep an eye on XLY, XLF, XLK and of course, energy, although that’s mostly tied to oil and gas prices. For now, crude is finding support at a reasonable level. A daily-up rotation/a move back over the 10-day could put $85 back in play, which would give life to XLE and OIH.
Chart by Chart: F, NET, Ethereum, AMZN Earnings Preview
Ford reported solid earnings and is trading higher as a result. At about 9 a.m., shares are trading at $16.85, up 8.6%. I want to see that the stock holds up over $16.45, the high from June. That level so far has been resistance, even though F was able to make new highs earlier this month.
Over $16.45 keeps this month’s high in play at $16.70, followed by a potential push to the $17.50 to $17.75 area. Below $16.45 opens the door back down to $16 and the 10-day moving average. Below those marks and the pre-earnings low from this week could be vulnerable.
Over $16.45 = bullish.
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