Before the Open

A pullback in Bitcoin from its all-time highs could actually turn out to be a bullish development.

The earnings/guidance out of Microsoft & META raise some of the same questions that we heard during the last earnings season (over the summer)…when it became evident that the big jump in earnings that the chip makers have been experiencing…has not broadened out to the end users of those chips.

Ely Lilly is weighing on the healthcare sector this morning, but this might (repeat, might) actually provide a good buying opportunity for this defensive sector.

The focus is turning to the earnings/guidance of the big cap tech names.  We’ve provided charts on six of them this morning.  (Alphabet, Advanced Micro, Microsoft, META, Amazon & Apple.)

Some very interesting assumptions are being made about the stock market. Our concern is that we’ll get a repeat of 2000 (which the outcome was not known for over a month).  That kind of uncertainty…in today’s environment…could cause some substantial problems.