Happy Monday, traders…

Last week, we saw a major tone shift in the stock market. 

It wasn’t subtle. After Trump softened his stance on Jerome Powell and China, the market responded enthusiastically, with the Nasdaq gaining 7% in five days.

Meanwhile, Bitcoin (BTC) started blasting off out of nowhere, and names like Strategy (Nasdaq: MSTR), Coinbase Global Inc. (Nasdaq: COIN), and even Robinhood Markets Inc. (Nasdaq: HOOD) tagged along for the ride:

But the action didn’t stop there. We saw Alphabet Inc. (Nasdaq: GOOGL) crush earnings — revenue beat, EPS beat, a share buyback to boot — and yet the post-earnings price action was less than stellar. 

That’s the kind of head-scratcher that makes you step back and pay close attention to how price reacts vs. what the headlines say. (We’ll talk about how to think through that in a moment…)

So, where does that leave us heading into this week?

Today could be an inside day, especially after two strong back-to-back sessions earlier in the week. 

You’ll see some names start to digest recent moves, and we may get that chop that frustrates both bulls and bears. 

But don’t think that’s a bad thing. Remember: Consolidation sets up the next clean breakout.

Let’s break down what stood out on Friday (and how these moves might continue to develop this week)…

6 Names to Watch This Week

Bitcoin & Crypto Stocks

Bitcoin (BTC) was up over 10% last week, 24% in the past 16 days. 

And when a move that sharp happens, you’ll usually see tickers like MSTR, COIN, and the ETFs like iShares Bitcoin Trust (NYSE: IBIT) or ProShares Bitcoin Strategy ETF (NYSE: BITO) get pulled along.

It’s worth watching these during crypto strength, especially on high-volume days. The Smart Money loves to play the options on these “crypto stocks.”

Alphabet Inc. (NASDAQ: GOOGL)

The big earnings story last week was Alphabet. The company beat revenue by a cool billion. Announced a buyback. Talked up Waymo, AI, and all the usual heavy hitters. 

And yet, after a strong open on Friday, it faded all day:

This doesn’t change the bigger picture — it’s still one of the best-run companies on the planet. But it does reinforce the need to watch the chart and track the broader trend, not just read the numbers. 

Google’s core search business is threatened by AI, and that realization is weighing on the stock. This could turn into a gap-fill setup, or it could hold VWAP and bounce. Either way, it’s a name to keep close.

Wells Fargo (NYSE: WFC)

This one’s just sitting under a key level — right at $70 — with some of the biggest call orders from the OMEN Scanner. We have the 50-day moving average and a downtrend line pressing on it. It might need a few days to build, but if it breaks out, the next level up is around $71. Big volume and big open interest here.

Zimmer Biomet Holdings (NYSE: ZBH)

Very unusual name to see show up. Large orders ahead of earnings on May 5. It’s in the healthcare space, and while I try to avoid names heading into earnings, the order flow on this one was notable. It could be a “back from the dead” move if we see a turn to the upside.

Salesforce (NYSE: CRM)

This name tends to follow the overall market closely. It finally closed above the 21-day exponential moving average (EMA), and the pattern looks just like SPY. Contracts here go into next week, so if we get a continuation or rebound, this could be a strong runner. Oversold, solid company, long-term investor interest. Good setup for an earnings run-up play.

Advanced Micro Devices (NASDAQ: AMD)

Big move last week. Closed over the 21-day EMA with a MACD crossover. It’s doing what strong stocks tend to do when semiconductors catch a bid. If tech wants to keep moving, AMD could be the one that gets active again next week. I’m watching it for continuation or a clean pullback to support.

3 Quick Notes

• Semiconductors showed signs of life last week, and that’s been missing from the recent market strength. When they show up, that’s often a good sign. We need semis to resume their role as “market leadership” to see a true reversal to the upside in the major indexes.
  
• A bunch of names are flirting with key levels, but after a strong run earlier this week, we could see some consolidation. That’s not bad — it primes stocks for the next round of clean bullish setups.
  
• If we do get a choppy day today, keep an eye on volume and VWAP levels. Let price tell the story.

Happy trading,
Ben Sturgill

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*Past performance does not indicate future results