{"id":108174,"date":"2021-10-22T00:28:12","date_gmt":"2021-10-22T04:28:12","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=108174"},"modified":"2023-02-24T10:17:35","modified_gmt":"2023-02-24T15:17:35","slug":"stocks-rally-on-october-21-but-earnings-disappoint","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/stocks-rally-on-october-21-but-earnings-disappoint\/","title":{"rendered":"Stocks Rally On October 21 But Earnings Disappoint"},"content":{"rendered":"\n<p>Stocks \u2013 INTC, FB, SNAP, CMG<\/p>\n\n\n\n<p>Macro \u2013 SPY, IEF, DXY<\/p>\n\n\n\n<p>Strange day for stocks, with the rally coming in the final hour on a relatively small buy imbalance. Whatever the case, it did the job of pushing the S&amp;P 500 to a record close. Whether it holds tomorrow, I\u2019m not so sure. Volume levels have been melting away, not exactly what you want to see for a sustainable rally.<\/p>\n\n\n\n<p>There was a risk-off move across the entire market complex, from copper falling by 4% to the dollar rallying. Yields also rose dramatically on the front of the curve. Stocks ignored it all, perhaps trying to buy the rumor ahead of earnings. But tonight\u2019s earnings have not gone very well.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"758\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/1-SP-500-14-1100x758.png\" alt=\"S&amp;P 500 Futures\" class=\"wp-image-108176 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/1-SP-500-14-1100x758.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/1-SP-500-14-700x482.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/1-SP-500-14-300x207.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/1-SP-500-14-768x529.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/1-SP-500-14.png 1320w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/758;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-s-p-500-spy\">S&amp;P 500 (SPY)<\/h2>\n\n\n\n<p>Now the S&amp;P 500 closed right on that February trend line I mentioned yesterday, which doesn\u2019t tell me much in terms of this recent push higher sticking. Now I don\u2019t usually look at the 4-hour RSI, but it works well enough at times to indicate the index remains very overbought. Again, gap over that trend, and the bulls can continue to party. If not, it could be the start of a rather dramatic turn of events.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"567\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/2-SP-500-12-1100x567.png\" alt=\"S&amp;P 500\" class=\"wp-image-108182 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/2-SP-500-12-1100x567.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/2-SP-500-12-700x361.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/2-SP-500-12-300x155.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/2-SP-500-12-768x396.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/2-SP-500-12.png 1320w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/567;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Rates (IEF)<\/h2>\n\n\n\n<p>Now it seemed not to matter that rates rose today. In March, growth was getting hammered because the 10-Yr was at 1.7%. Now the 10-Yr is at 1.7%, and nobody seems to care, which makes total sense. I haven\u2019t spoken about the 10-year in some time, but my general thoughts the last few weeks was that it could run up to around 1.76%, which would be the spring highs, with the potential to run to 1.95%. I have believed now for some time that rates on the long-end of the curve would either stay flat or rise at a slower pace than the front-end of the curve, resulting in flattening.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"567\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/3-US-10-Year-Government-Bonds-1-1100x567.png\" alt=\"US 10 Year Government Bonds\" class=\"wp-image-108184 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/3-US-10-Year-Government-Bonds-1-1100x567.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/3-US-10-Year-Government-Bonds-1-700x361.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/3-US-10-Year-Government-Bonds-1-300x155.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/3-US-10-Year-Government-Bonds-1-768x396.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/3-US-10-Year-Government-Bonds-1.png 1320w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/567;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Dollar (DXY)<\/h2>\n\n\n\n<p>This is helping to set up the dollar index to get very close to breaking out. I have thought the dollar index could rise to around 96.30.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"567\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/4-Dollar-5-1100x567.png\" alt=\"US Dollar\" class=\"wp-image-108190 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/4-Dollar-5-1100x567.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/4-Dollar-5-700x361.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/4-Dollar-5-300x155.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/4-Dollar-5-768x396.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/4-Dollar-5.png 1320w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/567;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Intel (INTC)<\/h2>\n\n\n\n<p>Intel is falling after it gave guidance that missed expectations, now down around 9%. There\u2019s not much to say here. Intel has no growth, and can\u2019t seem to get out of its own way. So either the environment is slowing or maybe it is losing to the competition. If the stock manages to stay below $52 it will probably be on its way to $47.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"567\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/5-Intel-2-1100x567.png\" alt=\"Intel\" class=\"wp-image-108192 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/5-Intel-2-1100x567.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/5-Intel-2-700x361.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/5-Intel-2-300x155.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/5-Intel-2-768x396.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/5-Intel-2.png 1320w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/567;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">SNAP (SNAP)<\/h2>\n\n\n\n<p>Snap is falling nearly 23% after reporting guidance that missed the consensus. It seems the iOS 15 adoption is creating issues for them, and what is most likely to be a problem for Facebook too. I\u2019m surprised Facebook is only down 5% tonight. Maybe they pull off a miracle when they report on Monday. Anyway, Facebook needs to hold on to support $323, or this is toast on its way to $300.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"567\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/6-Snap-1100x567.png\" alt=\"Snap\" class=\"wp-image-108193 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/6-Snap-1100x567.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/6-Snap-700x361.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/6-Snap-300x155.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/6-Snap-768x396.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/6-Snap.png 1320w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/567;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Chipotle (CMG)<\/h2>\n\n\n\n<p>Chipotle is down about 1.5% after hours, but they seemed to guide margins, lower for next quarter, and the moment the market seems fine with it. We will see how it goes tomorrow. There\u2019s is that giant gap down around $1570 that needs to be filled, and I guess you just never know. There is a bearish trend in the RSI and looks diamond pattern.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"758\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/7-Chipotle-2-1100x758.png\" alt=\"Chipotle\" class=\"wp-image-108196 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/7-Chipotle-2-1100x758.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/7-Chipotle-2-700x482.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/7-Chipotle-2-300x207.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/7-Chipotle-2-768x529.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/7-Chipotle-2.png 1320w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/758;\" \/><\/figure>\n\n\n\n<p>&#8211;<\/p>\n\n\n\n<p>Originally Posted on October 21, 2021&nbsp;\u2013 <a href=\"https:\/\/mottcapitalmanagement.com\/stocks-rally-on-october-21-but-earnings-dissappoint\/\">Stocks Rally On October 21 But Earnings Disappoint<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Strange day for stocks, with the rally coming in the final hour on a relatively small buy imbalance. Whatever the case, it did the job of pushing the S&#038;P 500 to a record close. <\/p>\n","protected":false},"author":17,"featured_media":108196,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15,6,8,9,22,26,3],"tags":[2553,1779,465,8122,938,960,262],"contributors-categories":[13718],"class_list":{"0":"post-108174","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-fixed-income","8":"category-north-america","9":"category-region","10":"category-securities","11":"category-stocks","12":"category-text-articles","13":"category-traders-insight","14":"tag-cmg","15":"tag-dxy","16":"tag-facebook","17":"tag-ief","18":"tag-intc","19":"tag-snap","20":"tag-spy","21":"contributors-categories-mott-capital-management"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO 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content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/stocks-rally-on-october-21-but-earnings-disappoint\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-22T04:28:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-24T15:17:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/7-Chipotle-2.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1320\" \/>\n\t<meta property=\"og:image:height\" content=\"909\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Michael Kramer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Michael Kramer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. 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