Snooty Starbucks to the Rescue?

One of the top holdings in the XLY, consumer discretionary ETF, Starbucks reports earnings tonight, snooty service, burnt coffee and all, provided for analysts gratis. 

As we have profiled for a good while on this site, SBUX has succumbed to the likes of DIS NKE UA as prominent consumer leaders fallen by the wayside. Beyond that, the coffee commodity (JO ETN) is still in the process of trying to confirm a major bottom, taking impressive steps along the way since last summer. While it is true SBUX may have locked in coffee prices, at times the market can defy wonky analysts taking the firm's disclosures verbatim. In other words, oftentimes the market will sell SBUX simply because JO is going higher merely out of sympathy. 

At any rate, the updated view of SBUX, below, still shows the stock threatening a major breakdown beyond the weakness we have already seen.

Those traders looking for a bounce in the market have a slew of major earnings tonight with which to contend, such as FEYE GPRO SWKS, among others. And then there is the jobs number tomorrow morning before we even consider the main event next week--The election. 

For now, if the market is to bounce I suspect SBUX and the XLY names need a good boost here. Otherwise, the risk of a wipeout continues to be stay elevated and keep me out of new equity longs as biotech and healthcare names are suddenly afraid of their own shadows. 

More in my recap after the bell.