EarningsBeats.com Digest for October 4, 2021
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Strong Future Earnings ChartList
Our Strong Future Earnings ChartList contains 284 companies that belong to strong industry groups and have StockCharts Technical Ranks (SCTRs) above 80. In other words, these are companies that are currently favored by Wall Street - suggesting perhaps we'll see better than expected quarterly revenues and earnings as we approach their respective dates.
This ChartList is typically only offered to paid members at EarningsBeats. However, today we're allowing all subscribers in our community to access a sneak preview of the list. To check out five of these charts, click below.
Is It Time For a Pre-Earnings Run Up For This Auto Giant?
Tesla, Inc. (TSLA) has a history of performing very well as it speeds towards its earnings report. It's that old Wall Street adage, "buy on rumor, sell on news." It's how the market works. Since bottoming in May 2021, TSLA has been trending higher, running from a low (and double bottom) near 550 to a high last week of 799. There's
no doubt it's begun to outperform once again. Check out this chart:
The 3 green arrows mark price lows that have tested, or nearly tested, the rising 20-day EMA. I'd use that as my short-term closing support level. Also, the AD line broke out, despite the fact that TSLA still resides more than 100 points from its January 2021 high. I believe the accumulation on TSLA is real and we're going to find out why when its next quarterly earnings report is released, currently scheduled in just
over two weeks - on October 20th. The last point I'll make is this. Automobiles ($DJUSAU), as a group, are moving solidly higher on a relative basis. As more money rotates into the space, I see TSLA moving higher to possibly challenge that January high. I wrote an article a few months back that highlighted the history of TSLA's pre-earnings advances, which have been quite impressive. We could be seeing another one right
now.
(News this weekend - TSLA reported deliveries that exceeded expectations and it's up 2.8% in pre-market trading.)
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Tom Bowley
Chief Market Strategist
EarningsBeats.com
Better Timing. Better Trades.
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