Was Google's Bad News Already Priced-In?

(10/26/22) Markets rallied right to the 50-DMA, needing to break through the 3,800 level of resistance, and after the bell, Google and Microsoft released their latest disappointing report cards. The reality is that earnings are now just reverting back to some semblance of normality. If buying in those stocks occurs today, it will suggest these lackluster results were already priced-in by investors. Key today will be whether markets can hold above the 3,800-level; if so, markets will be set to rally upward to about 4,100. A failure to do so today, tomorrow, or Friday will set up for a retest of the 20-DMA, possibly trapping the market in a lower range. Possible positives coming next week might include better language from the Fed about slowing the pace of rate hikes, followed by the mid-term elections in the second week of November, possibly producing a gridlocked Congress. Still to come: Meta and Amazon, which could also show some softness.
Hosted by RIA Advisors' Chief Investment Strategist, Lance Roberts, CIO
Produced by Brent Clanton
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