Hi all,

Interesting action last week as some economic data came in a lighter than expected. Jobless claim numbers also increased significantly which seemed to indicate that the higher interest rate environment is starting to impact the economy. Of course, this is what the Fed is hoping to see with inflation maybe starting coming back down. Right now, a majority of market participants are expecting pause on rate hikes at the coming meeting this week.

Other notables include the incredible run TSLA has had this week on announcements of its charger network sharing with F and GM. On the flip side the SEC has ramped up the attack on crypto by launching lawsuits against Binance and Coinbase. Bitcoin and Ethereum have held up moderately well but many of the other altcoins have really been slammed.

Big events next week will be the CPI number on Tuesday, PPI on Wed morning and Fed rate hike decision Wednesday afternoon. Bulls will be hoping for a weakening CPI, PPI and a pause on hikes. Watch for lots of volatility when Fed Powell starts to speak after the rate announcement.

 

Key levels:

 

• DOW (33,877 now) – support level 33,000 and resistance is at 34,000
• QQQ (354) – support level 340 and resistance is at 360
• SPY (430) – support level 420 and resistance is at 440
• IWM (185) – support level 180 and resistance is at 190

 

Recap Video:

 

Watch the recap on YouTube

 

Positions:

 

• WLLW on Toronto Stock Exchange (TSX) - All out.
• FOM on TSX - this is a small cap mining company. I like the drill results they are getting and management team is solid. Highly speculative at $3.00. Took some profits over $4.10.
• ZION - Long 24.6 still holding some. Sold remainder.
• AI - Long.
• AMZN - Long.
• TSLA – Short $60 put options March expiry.
• PERI – Long at $32

 

What to Watch for this Week:

 

• Tuesday 8:30AM – CPI data and Consumer confidence
• Wednesday 8:30AM – PPI data and 2:00PM Fed Interest Rate decision then 2:30PM Powell speaks
• Thursday 8:30AM – Jobless claims and Retail sales
• Friday 8:30AM – Another Consumer Confidence number

View the Economic Calendar on Trading Terminal

 

Sectors in Play Last Week:

 

• Consumer Cyclical and Energy sectors were the biggest gainers for the week.
• Consumer Defensives and Utilities were the biggest losers.

 

Earnings this week:

 

• Monday - ORCL
• Tuesday - MPAA
• Wednesday - ACB, LEN
• Thursday - KR, JBL, ADBE

View the Earnings Calendar on Trading Terminal

 

Tracking:

 

• AAPL – –$185 but looks toppy and $175 is support. Expecting some consolidation in this range.
• AI – Forming a pennant here. AI stocks are hot so watch for a breakout one way or the other.
• AMZN - $127.5 is resistance and $120 is support. Expecting some consolidation in this range.
• EMXC - Really broke out higher as expected but missed move. Too extended now but maybe on a pullback.
• NFLX - $425 is resistance and to $410 support.
• NVDA – Range bound between $380 and $400.
• PERI – Nice move higher this week – will take profits next week at this area of resistance of $34.
• TSLA – Very overbought but expect dips to be bought.
• ZION – All out for now.