Hi all,

It was a bit of a volatile week. Thursday CPI data showed inflation running a little higher than expected but on Friday the PPI data was a little weaker than expected. This gave investors and traders more hope that a March rate hike was almost a done deal. 

All the indexes finished up with the technology sector leading the way again. However, the IWM small cap index struggled to make back the prior week's losses.

The week also saw the much-anticipated debut of a number of Bitcoin ETFs. Investors that jumped in at the open of trading got punished as they all sold off in a buy the rumor sell the news scenario.

Earnings season also got underway on Friday. The financials put in a lackluster performance and the airline sector took a hard hit after Delta warned of a weak outlook in 2024. More earnings will be in focus in the coming weeks.

Recap Video

Watch the recap on YouTube

Sectors in Play Last Week

• Technology and Communication were the biggest gainers this week.
• The Energy sector was the biggest loser of the week.

 

Key Levels for this Week

• DOW (37,594) – support 37,250 and resistance 37,850
• QQQ (410) – support 395 and resistance 413
• SPY (477) – support 468 and resistance 480
• IWM (193) – support 190 and resistance 197

 

What to Watch for this Week

• Monday – Holiday
• Tuesday – 8:30 Manufacturing survey
• Wednesday – 8:30 Retail sales, 9:15 Industrial Production, 2:00 Beige book
• Thursday –8:30 Jobless claims, Housing starts and permits
• Friday – 10:00 Consumer sentiment, Home sales.

 

Earnings this week

Monday – Holiday

Tues – GS, MS, PNC pre then IBKR post

Wed – SCHW, USB pre the KMI, AA post

Thurs – TFC, FAST pre then JBHT

Friday – SLB pre

 

Tracking

• AAPL – $180 is an important support level at 200 sma. $190 now resistance. 
• AFRM - $41 is important support. Could drop more if it loses that level.
• AMD – $150 double top. Resistance is there for now.
• BA – $214 is the 200 sma, an important level of support, and should bounce there.
• DAL – could be a buy if it gets to $37 and holds.
• GOOG – Toppy for now around $145 resistance
• META – Lots of strength here. It could be heading to $400.
• TLT – Short some $102 calls expiring Jan 19.
• TSLA – Very weak – next level of support is $210 area.

 

Positions

• TERN – for small-cap biotech play.
• TLT – short 85 puts expiring in January 2024.
• TLT – short $102 calls expiring in January 2024.

 

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 BIDO financial advisors and tax advisors to determine the suitability of any investment.