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“Your mind is like a parachute: If it isn’t open, it doesn’t work.” – Buzz Aldrin (born on this day in 1930)
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While US index ETFs have pulled back over the last week, the rest of the world has actually held up just fine. As shown below, the Dow (DIA) is now in oversold territory and down YTD, while the S&P (SPY) and Nasdaq 100 (QQQ) have moved below their 50-DMAs. All-world ex US (CWI), Europe (IEV), and emerging markets (EEM) have held steady in overbought territory over the last week and remain up 7-8% YTD. While SPY is down 2.8% over the last two days, EEM is actually up 7 basis points.
As we highlighted in yesterday’s Morning Lineup, Q4 earnings for Netflix (reported in January) has historically been its most positive quarter. The company didn’t disappoint this time around as shares are set to open higher by nearly 7% this morning.
Next week over 200 companies will report Q4 numbers, with plenty of blue-chips on the calendar. Probably the two most closely-watched releases will be Microsoft (MSFT) on Tuesday and Tesla (TSLA) on Wednesday — both after the close.
Microsoft’s Q4 reports throughout its history have been relatively uninspiring compared to other quarters, as shown in the snapshot from our Earnings Explorer below:
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