Hi all,

The markets all ended down on the week as more evidence points to continued challenges in getting inflation down further. The Wednesday CPI data showed a higher inflation number than what was expected. The markets rallied back Thursday when PPI data was slightly lower than expected.

Friday, kicked off earnings season with JPM, C, and WFC. Numbers were good but cautious guidance put the market on its heels as a sell-off ensued.

On Friday the Chinese government asked all telecoms to stop using US chips which hit the technology sector and particularly the semiconductor stocks like AMD and INTC.

Earnings season is back again. I expect the same action we saw Friday – good numbers but cautious guidance so expect a lot of volatility in the coming weeks.

Recap Video

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Sectors in Play Last Week

• Technology and Consumer Discretionary lost the least this week.
• Financials and Materials sectors were the biggest losing sectors on the week.

Key Levels for this Week

• DOW (37,983) – support 37,500 and resistance 39,000
• QQQ (438) – support 435 and resistance 446
• SPY (511) – support 505 and resistance 520
• IWM (199) – support 195 and resistance 202

What to Watch for this Week

• Monday – 8:30 Retail sales and manufacturing survey: 10:00 Home builder confidence and Inventories
• Tuesday – 8:30 Housing starts and building permits; 9:15 Industrial Production; 1:15 Powell speaks.
• Wednesday –2:00 Fed beige book released.
• Thursday –8:30 Jobless claims; 10:00 Existing Home Sales and Leading Economic Indicators.
• Friday – nothing.

Earnings this week

• Monday – GS, SCHW pre
• Tues – MS, BAC, PNC pre and IBKR, JBHT, UAL post
• Wed – ASML, ABT pre and CSX, DFS, AA post
• Thurs – DHI, INFY pre and TSM, NFLX, ISRG post
• Friday – PG, AXP pre

Positions and Trades Last Week

• Long gold, silver, and oil stocks. Took some profits Friday.
• AMZN – long.
• AAPL – long.
• BA – short $260 call position. 
• BA – new short $190 calls expire April 19th.
• GOOG – long.
• META – long.
• AMZN – long.
• MIDU – sold the remainder.
• NVDA – long.
• NVDA – Option trade Friday (0DTE), sold $910 calls expired worthless and kept premium.
• Tracking for Potential Trades
• Big Tech names holding small positions still.
• BA – still looks weak.
• ETHX.b - watching to re-enter on a pullback. Seems to be holding the $17 area for support.

 

Note: These are investments I am in or watching however, they may not be suitable for all investors. The author of this email is NOT an investment advisory service, a registered investment advisor or a broker-dealer and I do NOT undertake to advise clients or recipients of this email on which securities they should buy or sell for themselves. This email is provided for information purposes only and traders should always consult with their licensed financial and tax advisors to determine the suitability of any investment.