Hi all,

On Friday we got the jobs data which really spooked the market. This prompted a dramatic drop in treasury yields and in the markets although, we did finish well off the lows of the day on all the indexes.

The cooling jobs market seemed to be what everyone was hoping for to get the Fed to cut rates but when we got those confirming numbers, investors and traders shifted to concerns about a possible recession.  As I have been saying all along, be careful what you wish for.

We got through a big week of earnings with all the big tech names and the results were mixed. Some responded well like META which beat and guided well and then there was AMZN with concerns about capital spending.  

More volatility ahead next week but there is not a lot of important economic data to give us some more big moves until later in the month. Stay tuned.

I am away on the Canadian long weekend so keeping it brief. Cheers.

Recap Video

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Sectors in Play Last Week

• Utilities and Real Estate were the biggest gaining sectors this week.
• Technology and Consumer Cyclicals were down this week the most.

Key Levels for this Week

• DOW (39,737) – support 39,200 and resistance 40,700
• QQQ (449) – support 440 then 418.5 and resistance 475
• SPY (533) – support 530 and resistance 555 
• IWM (209) – support 205 and resistance 215

What to Watch for this Week

• Monday – 9:45 S&P Services PMI; 10:00 ISM Services
• Tuesday – 8:30 Trade Deficit
• Wednesday – 3:00 Consumer credit
• Thursday –8:30 Jobless claims; 10:00 Wholesale Inventories
• Friday – nada

Earnings this week

• Monday – pre and PLTR, CSX post
• Tues – UBER pre and ABNB, CAT post
• Wed – NVO, DIS, SHOP pre and ET, OXY, MCK post
• Thurs – LLY, BABA pre and TTD, PBR post
• Friday – KMI pre

Positions and Trades Last Week

The cash % level is high now. Waiting for new opportunities.

• BA – short $260 call position. 
• CRWD – took a big loss on short $245 puts
• NVDA – long small size for a swing into next week.
• TZA – ETF to short the IWM small caps. Held from mid-week to Friday. All out.
• TLT – Short Sept $91 puts. 
• Tracking for Potential Trades
• NVDA – possibly long for a bounce next week.

 

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. 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.