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How to Trade FANG Stocks as Facebook, Amazon Report Earnings — Plus Jim Cramer's View

The stage is set for Jim Cramer's FANG stocks Facebook (FB - Get Report) and Amazon (AMZN - Get Report) to report "must-have" positive reactions to earnings on Wednesday and Thursday. This is important for the stock market overall, as stocks tend to rise when the FANG four gain momentum. (The FANG stocks are Facebook, Amazon, Netflix (NFLX - Get Report) and Alphabet (GOOGL - Get Report) , the parent of Google.)

Facebook is on tenuous ground for earnings. "FB stock is trading close to all-time highs and expectations remain very high. While we are very confident in the company in its ability to deliver over the short and long terms, the setup is a difficult one, especially given the weaker tech results this week," wrote TheStreet's Jim Cramer and Research Director Jack Mohr to Action Alerts PLUS subscribers on Friday.

Facebook and Alphabet are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells FB or GOOGL? Learn more now.

Netflix was the first of the FANG stocks to report. Its post-earnings volatility was to the downside. Netflix reported on April 18 and the stock declined to as low as $92.80 a week later, gapping below its 50% Fibonacci Retracement of $106.62 on April 19, and approaching its 23.6% retracement of $92.50, where the stock is a buy.

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Alphabet reported quarterly earnings on...