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Sink or swim.

Tech earnings this week will either sink the market or give it enough support to overcome near-term trade tension concerns. It's really that simple.

Investors have plowed into tech stocks, so any more tepid quarters like the one from Netflix (NFLX) - Get Netflix Inc. Report may trigger the mother of all selling waves. "Long FAANG+BAT" (53%) remains the most crowded trade identified by investors for the sixth straight month and most crowded trade outright since "Long USD" in January 2017," wrote Bank of America Merrill Lynch strategists.

TheStreet's tech columnist @EricJhonsa has everything you need to know ahead of Alphabet's (GOOGL) - Get Alphabet Inc. Report earnings after the closing bell on Monday. A selling wave in tech stocks could benefit the banks -- I will argue in a new piece on TheStreet hitting later Monday that bank valuations are too darn cheap.

Meanwhile, a strong case could be made to own at least three of the FAANG (Facebook (FB) - Get Meta Platforms Inc. Report , Apple (AAPL) - Get Apple Inc. Report , Amazon (AMZN) - Get Inc. Report , Netflix, Alphabet) stocks even if second-quarter earnings underwhelm in any way. By underwhelm, think 40% growth in one line item instead of 41%.   


One of Sergio Marchionne's greatest achievements: the resounding success that is the Ferrari (RACE) - Get Ferrari N.V. Report  initial public offering.

Wall Street has sent the supercar maker's stock up an impressive 148% since the company went public in late October 2015. For Ferrari, its public company success under Marchionne -- who was replaced as CEO of Fiat Chrysler (FCAU) - Get Stellantis N.V. Report and Ferrari over the weekend due to complications from a recent shoulder surgery -- can be boiled down to an expanded product line and the rising wealth effect among consumers.

Marchionne told me in October 2017 that he viewed Ferrari as a lifestyle brand. In turn, he used that lifestyle brand positioning to push Ferrari into new autos (see the GTC4Lusso "hatchback") and into various merchandise. Louis C. Camilleri, a long-time Phillip Morris (PM) - Get Philip Morris International Inc Report  executive and Ferrari board member, will replace Marchionne as Ferrari's CEO.

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