Rocket Equities & Options Report

By Tommy O’Brien

October 31, 2022

We come into a big week of earnings and economic data this week. We have a FOMC announcement Wednesday at 2pm ET with a press conference to follow. The market seems pretty sure the Fed will hike by 75 basis points as they have indicated. Any discussion of what they will do next is what the market will be paying most attention to. Does Powell indicate any inclination to scale back the size of the rate hikes to 50 or 25? The market will be listening closely to the Chairman’s words.

The market will also be listening closely to non-farm payrolls Friday morning for the month of October.

The ES is at about 3,900, up 11.4% from the lows made earlier this month at 3,502. The ES is also right at its .382 retracement of the move lower from September to October.

Earnings this week include:

Tuesday before the open: Uber

Tuesday after the close: AMD, ABNB, CZR, CAKE, MTCH

Wednesday before the open: CVS, HUM, PARA, YUM

Wednesday after the close: EBAY, ETSY, MGM, HOOD, ROKU, ZG

Thursday before the open: K, TREE, MRNA, PZZA, PTON, SHAK, UAA, W

Thursday after the close: COIN, DASH, DBX, PYPL, RKT, SBUX, SPCE, WBD, WW, YELP

Friday before the open: AMCX, CNK, DKNG, HSY, RUTH

Stay tuned for updates!

The 10-year yield sits at 4.04% as the trend is still lower price and higher yield.

The Dollar Index is up 0.78 at 111.53 as it tries to get back within its channel and is testing the lower boundary today.

The Gold contract is down about $4 testing its lower area, as the Yen continues to weaken even in the face of central bank intervention in Japan.

The VIX with its 11th straight red bar, which is pretty amazing when you consider some of the earnings surprises we have had to the downside from the FANG stocks.

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