Scott Redler’s Dog Bytes: FAANG Friday


SPX futures are +45. Elon Musk walked back his statements from Friday, and Lloyd Blankfein said to not be too pessimistic. Even with a lot of complicated news, the SPX digested pretty well above the 8/21 day to stay committed to this bear market rally. Now we’ll see if it builds and gives another move to 4250-4300 in the week ahead. 4176 is last week's high. As long as we hold 4073, we can't bet too bearish.

TSLA: Elon Musk is walking back Friday’s statements about cutting the workforce. The stock isn't special and it’s been hard to trust lately. We'll see if early strength gets faded. The resistance area is $731-$743.

AAPL: Morgan Stanley's Katie Huberty was cautious Friday and it showed some relative weakness. Today, see if the $147-$148 area gets rejected. WWDC kicks off today at 1:00.

AMZN: call spreads did great into the split. I made ~200% on the one that expired Friday. It's up this morning. Some are long vs. $120. Others are waiting for a push and close above $125.61 that might lead to a gap fill. Watch it for sentiment.

FB was volatile last week on Sheryl Sandberg leaving. But it didn't fall apart. See if the rally holds. It's getting tighter.

Scott's Positions Disclosure:

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