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Scott Redler’s Dog Bytes: What About Tesla?

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SPX futures are +5 and we see if 4524 holds to keep upper momentum.

The trade is very specific right now. SNAPINTC and IBM put pressure on tech. We'll see how FB's earnings report after the close goes.  

Over in tech, as long as QQQ holds the $372 area, it's hard to get too bearish.

Now let's dig into some of the individual names I'm watching.

TSLA is now a top 3 P&L winner for me this year. It gave a beautiful long setup from $807 and another nice reentry post-earnings. It went green and cleared $877 and then $900 Friday. There’s nice upside follow-through this morning on a Morgan Stanley upgrade and Hertz news. I’d trim and trail.

AMZN got hit Friday with most of tech as the $3400 pivot broke. I do have a call spread on for earnings Thursday. The only way it works is if a split gets announced, which might be far-fetched. There is a huge channel here with very choppy action, so be careful.

FB was having problems even before the SNAP earnings miss which showed advertisers are not spending. It will be important to see if all the negativity is priced in. $317.37 was a recent point of reference. It reports today. They are also planning on changing their name so we will see they announce that.

Positions Disclosure as of 10/25/2021 at 8:08 a.m. ET