It's no secret that the market has reached frothy levels with virtually no relief since the beginning of October 2019. Thus, it makes sense that the VIX spiked on Friday, as it moved above all key technical intraday levels and many traders moved to the sidelines.
While the heavy selling was gong on, two stocks had reported their earnings on Thursday after the bell: Intel (INTC) and Atlassian Corp (TEAM). I bring these two stocks up as they held up quite nicely in spite of the selling on Friday, with INTC gaining over 7.5% and TEAM gaining over 9% by day's end.
In fact, in the chart above, you can see that Intel started out on a positive note and never looked back, hitting and closing at its all time high. Not too shabby given a market in turmoil.
I bring these two stocks up as there's about to be an earnings frenzy starting next week, with thousands of companies set to report their numbers over the next several weeks. This is the time to try to identify those stocks that might (or might not) shine, keying in on those that beat earnings expectations (like INTC and TEAM) and power higher - and could ultimately be prime trading candidates once the dust settles. As a matter of fact, we will be conducting our quarterly earnings season webinar, Q4 Earnings Season, this Monday, January 27. During this event, EarningsBeats.com Chief Market Strategist Tom Bowley will be discussing stocks that have recently reported, as well as those scheduled to report over the next few weeks that could be potential long/short trading candidates. If you want to join us, just click here to learn more. It promises to be a VERY educational event that we hope everyone can attend.
At your service,