Hi all,

Once again, it was a volatile week with discussions around tariffs continuing to be a hot topic.  Canadian and Mexico tariffs were put on hold while the 10% China tariff was implemented. China responded with its own version of new tariffs against the US.

We also got a deluge of earnings this week with some mixed outcomes. Some stocks performed well after their reports and others, not so well. 

The labor report that came out Friday showed modest payroll growth but an unexpected downtick in the unemployment rate showing the labor market is still tight.  The market took the news well. However, when the consumer sentiment number was reported at a 7-month low, a dramatic sell-off ensued throughout the rest of the Friday.

Expect another volatile week with more earnings releases and political news feeds.

Cheers, 

Brian

 

Recap Video

Watch the Recap on YouTube

Sectors in Play Last Week

• Staples and Basic Materials were the sectors that were up the most this week.
• Cyclicals and Communication were the sectors down the most this week.

Key Levels for this Week

• DOW (44,303) – support 43,300 and resistance 44,900
• QQQ (523)– support 510 and resistance 531
• SPY (601) – support 590 and resistance 610
• IWM (226) – support 220 and resistance 230

Economic Reports this Week

• Monday – nothing
• Tuesday – 10:00 Fed Powell testifies to Congress, plus other Fed members speaking throughout the day.
• Wednesday – 8:30 CPI data; 10:00 Fed Powell testifies to Congress plus other Fed members speaking throughout the day.
• Thursday – 8:30 Jobless Claims and PPI data
• Friday – 8:30 Import Price Index; 9:15 Industrial Production and Capacity Use; 10:00 Business Inventories

Notable Earnings this week

• Monday – MCD pre and nothing post
• Tues – SHOP, KO pre and DASH, SMCI, LYFT, UPST post
• Wed – CVS, GOLD pre and RDDT, HOOD, CSCO post
• Thurs – DDOG, JD, CROC pre and PANW, ABNB, COIN post
• Friday – MRNA, ENB pre

Positions and Trades Last Week

• GDX – from last week’s watchlist, long ETF gold miners
• GOOGL – long from the previous week. As per my swing trade rule, I sold before earnings, and glad I did.
• KMI –still long after earnings pullback. Held to collect dividend last week.
• TD – long for a while, finally back in the green and took some profits and still long some.
• UVXY – late Friday trade for more fear in the market on Monday.
• X – Took remainder of profits on pop-up through $40 target.

Tracking for Potential Trades

Going to be another volatile week – watching for opportunities.

• AMZN – sold off after earnings. Watching for a bottom around support of $225 – could sell some puts there but may want to consider buying more puts at a lower level to define your risk.
• GOOGL – same strategy as AMZN above. Support should be around $180.
• NVDA – Moved back up to prior resistance on AI investment news from other big companies. Watch for a breakout above $130.
• TSLA – Broke support at $385 and news on disappointing China sales. Support is now $350.
• UBER – Good earnings response then Ackman announcement about taking a large position. Very extended but potential to take a position on a pullback to $73 area.

 

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.