Google Rises & META Earnings Today

MEGA8 Update for Subs

Alphabet, the parent company of Google, reported its Q3 2024 earnings on October 30, 2024, exceeding analysts’ expectations. Key highlights:

1. Revenue: $88.27 billion, up 15% year-over-year, driven by strong growth in Google Cloud and advertising.

2. Earnings Per Share (EPS): $2.12, beating estimates of $1.85 per share.

3. Google Cloud: Revenue grew 35% year-over-year to $11.4 billion, driven by accelerated growth in AI Infrastructure, Generative AI Solutions, and core GCP products.

4. Advertising: Total advertising revenue increased 10.4% year-over-year to $65.9 billion, with YouTube ad revenue growing 12.2% to $8.9 billion.

5. AI Adoption: CEO Sundar Pichai highlighted growing adoption of AI-driven search, with early monetization efforts showing traction. (BraveAI)

The stock was up decent after the close yesterday and in early trade today topping out at $183.79 today (GOOG) +7% and when we look at (GOOGL) technically we love this set up today. Technically it has reached a significant reversal area and no doubt will see sellers show up here. We suspect a rejection from this level and a close below $175 on the weekly will see follow thru on to the downside:

In other news Super Micro Computer (SMCI) was hit hard today (-31%) on news of EY its auditor has resigned. Also Eli Lilly (LLY) was hammered as their fat loss drug euphoria has seemed to have run its course, both stocks down hard today:

LLY down 7.7% and running into its 50p weekly VWMA:

Big earnings due out today for META and the options breakeven straddle is indicating a 8.2% move with the 11/1 Expiry 592.50 strikes. As always retail skew to the upside for the calls but honestly seem pretty lackluster in any real bets either way. If bearish the 590 puts are $22 indicating a $567 breakeven or 4.3% downside move. Obviously META has been on a rampage higher and it would not shock us the least bit to see some of that recent run up retracted on this earnings report. We do like the base break out above $520 but buying on the highs doesn’t seem to make sense here, but will see what earnings does:

One futures chart we wanted to share is the SP500 Dec. future, last weeks bearish candle if confirmed this week, should set up the ultimate volatility structure for next weeks election. Usually these big time events have a way of shaping into maximum adult swim only moves and technically I have to say we are coiled and ready:

With volatility in mind and all eyes on Bitcoin trying to make new ATHs, we can’t help but think it too is setting up for a big move one way or the other. Its still stuck in the upper range area we have outlined for quite some time:

Many long time readers know we love the decentralized idea of money, but buying BTC into the highs has never, ever been a good long term strategy. Also we would like to note that the HODL pushers that believe this is the way forward for price appreciation are a bit mistaken. HODLing is not what gives a p2p network its value, utility and adoption ultimately are the keys to Bitcoins relevance as a form of decentralized money.

Yes that means we are still in the infancy of this ultimate new form of money and with that there is a lot of clearing out and refining left to do. Focusing solely on the Fiat conversion value isn’t exactly what Satoshi had in mind when he created it!

So don’t focus on the fiat conversion, rather focus on the value that it can ultimately create. For me the value is in global adoption and ultimately becoming the sole form of ultimate capital reserve alongside the stalwart Gold. We have seen mentalities change toward this, but there is a long long way to go. To those that think the US Dollar is going anywhere anytime soon, well just stop that nonsense right now, its unrealistic and in fact there are so many naked US debt shorts, well that scarcity in repayment in dollars alone gives the USD its solid advantage.

Oh almost forgot, wanted to share this update to the JOLTs jobs data, 2 years ago we called BS on the 12 million job openings, said its nothing more than fake data from the data suppliers like LinkedIn, ZipRecruiter, Indeed etc and voila fast forward to today! We still think this number is still way to high!

Ok that is it guys, hope you have a great day trading, investing, working, leisure, whatever it is you are doing, always be positive and make the most of your time!

Alright good luck today, we leave our subscribers with our MEGA8 and Settlement Data from yesterday.