Hi all,

Most traders were focused on the jobs data that was released Friday. The 272k number of jobs added blew past the 185k number that was expected. There was also a surprise increase in the size of employee paychecks. On the flip side, unemployment rose slightly from 3.9 to 4%.

The yields had been coming down during the week based on weakening economic data however Friday’s report caused a significant spike in yields. The initial reaction saw the market sell-off but the buying brigade came in soon after the open and pushed the markets back into the green where it spent a good part of the day before falling back a little going into the close.

Rate cuts seem less and less likely but there still seems to be some hope for a cut later in the year. The coming FOMC meeting this week is likely to see no change in rates.

On a more entertaining note, Roaring Kitty created a lot of drama this week posting his positions in GME and then doing a live stream Friday. GME pulled a fast one on him releasing their earnings numbers early and doing a capital raise with their stock price elevated. The stock soared Thursday but sold off just as hard Friday. Stay tuned.

Recap Video

Watch the Recap on YouTube

Sectors in Play Last Week

• Technology and Healthcare were the biggest gaining sectors this week.
• Energy and Utilities were the two sectors down the most this week.

Key Levels for this Week

• DOW (38,799) – support 38,200 and resistance 39,200
• QQQ (463) – support 445 and resistance 465
• SPY (534) – support 522 and resistance 538
• IWM (201) – support 200 and resistance 208

What to Watch for this Week

• Monday – nothing
• Tuesday – nothing
• Wednesday – 8:30 CPI data; 2:00 FOMC rate hike decision; 2:30 Powell speaks
• Thursday –8:30 Jobless claims; PPI data
• Friday – 8:30 Import price index; 10:00 Consumer Sentiment

Earnings this week

• Monday – 
• Tues – ORCL post
• Wed – AVGO, PLAY post
• Thurs – ADBE post
• Friday – 

Positions and Trades Last Week

• Long gold stocks but trimmed position – all out.
• AMD – long and may add.
• BA – short $260 call position. 
• CZR – long.
• CRM – long.
• AMZN -long.
• NFLX - Option trade Friday (0DTE), sold $652.5 calls expired worthless and kept premium.
• TLT – short a few $91 puts. Covered most this week.
• XLU – sold.

Tracking for Potential Trades

• AAPL – looks ready to break out from resistance at $192.5 – could be making a run into a developer’s conference – be careful on a sell-the-news event especially if they disappoint on AI initiative expectations.
• AMD – looks ready to break out but may just be stuck in a trading range.
• Bitcoin – looks like it could break out and maybe hit $100k. Not a Bitcoin fan… just trading what I see in price action.
• CRWD – nice reaction to earnings – at the top of the range – watch for a breakout or possibly to sell some downside puts if it trades sideways.
• NVDA – watch for opportunities on the split that is coming Monday.

 

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.