Santa Rally Incoming?🎅
Let’s start off December strong!
It is with great pleasure that I can say we have broken the weekly flag on Bitcoin that we have been watching for months!! With price just shy of that 100k mental number, I will be excitedly watching for that break over before year end.
With the Monday after Thanksgiving being historically bearish, it will be interesting to see which direction we break on QQQ 0.00%↑ as we end the year.
Notable Data
Monday, December 2 - PMI 10AM EST
Tuesday, December 3 - Jolts Job Openings 10AM EST
Wednesday, December 4 - ADP Non-Farm Employment 8:15AM EST, Powell speaks 1:45PM EST
Thursday, December 5 - Unemployment Claims 8:30AM EST
Friday, December 6 - Unemployment Rate 8:30AM EST
Earnings I’m Looking At:
Monday, December 2 - ZS 0.00%↑, CLSK 0.00%↑
Tuesday, December 3 - CRM 0.00%↑, MRVL 0.00%↑
Wednesday, December 4 - DLTR 0.00%↑, CHWY 0.00%↑, RH 0.00%↑
Thursday, December 5 - LULU 0.00%↑, DG 0.00%↑, KR 0.00%↑
Hot Earnings: CRM🖥️
I am especially focused on how CRM 0.00%↑ performs this third quarter. Salesforce released Agentforce earlier this year in late October, which helps companies deploy autonomous AI agents. Projections vs LY are: $9.35 billion, a 7% rise year-over-year, and net income of $1.41 billion vs $1.22 billion.
Despite the hype surrounding software stocks, CRWD 0.00%↑’s earnings produced a rather disappointing reaction from the stock market. They actually beat earnings EPS by almost 15% and revenue by 2.75% but guided down and are still dealing with the aftermath of their global outage. While not a completely linear comparison, CRM 0.00%↑ will have to post a strong quarter as well as a more than positive outlook for the end of their fiscal year to justify their valuation.
Technical Picks For The Week📊
1. AMZN 0.00%↑
With a strong Friday close, we see two consolidation days right at the cusp of the gap fill to ~$210.83. This name is definitely one to keep a close eye on this week to not only fill the gap but also break ATHs and target $223+
2. COST 0.00%↑
5 inside days with nice consolidation at ATHs. Costco almost feels like a magnet to $1000/share is imminent. Target is $991.52, then that mental number $1000.
3. META 0.00%↑
Great weekly close holding support at $554, looking for a consolidation range break to target $628.
4. RBLX 0.00%↑
Great little flag and curling/reclaiming 8ema on the daily timeframe. Looking for break and targeting the start of a gap fill that was made late January of 2022 at $59!
5. COIN 0.00%↑
We are seeing dinosaur coins like XRP and LTC waking up, I think all Alts will begin picking up steam to play catchup with Bitcoin. You have to remember that MSTR 0.00%↑ and COIN 0.00%↑ will likely not move that much in tandem. MSTR 0.00%↑ solely holds Bitcoin while COIN 0.00%↑ is a platform for a multitude of coins. Bitcoin weakness with Alt strength benefits COIN 0.00%↑.
Break of this flag on the daily sees $370 and then $400 over $342!