A Video Update
Last week, we discussed the move in Google, both before and after Google’s AI event. While I continue to like the stock long-term, Google did demonstrate a bit of exhaustion today. It hasn’t fully triggered a pullback move, but I’m watching and waiting for a potential pullback play.
I discuss this, including my recent overview of the Nasdaq futures in the video below:
Options Expiration Friday
While I’m noticing a potential for a short-term pullback in Google due to the near-term exhaustion, that doesn’t appear to be the case for the rest of the mega-cap Nasdaq names. Microsoft, Apple, Advanced Micro Devices, Nvidia, and Meta all look like they want to make the next leg higher.
Most of these tickers have lower timeframe squeezes, along with high open interest targets that align perfectly with Friday’s options expiration. Monthly Options Expiration Friday is generally the best time to look for a choppy grind higher, especially in high volume names that trade weekly options.
Earnings To Watch
This week additionally brings some critical earnings reports from companies such as Home Depot, Target, Ross, TJMaxx, and Walmart. Check out my watchlist on Twitter:
Retail earnings are picking up this week! We we soon have more information about how the consumer is doing.
— Danielle Shay (@traderDanielle) May 15, 2023
Which tickers are you trading? Drop me a comment on Twitter, and I’ll let you know what I’m thinking.