Hi all,

This week, the Fed left rates where they were which was widely expected. In his remarks after the release of the decision, Fed Chair Powell struck what many considered to be a dovish tone, suggesting that three rate cuts were still in the cards for later in the year. The markets loved that news and shot up higher with the DOW and SPY hitting all-time highs and the SPY having its best week in 2024.

Other notable events saw an announcement by the DOJ filing a suit against AAPL for anti-trust violations, a couple of high-profile IPOs (RDDT and ALAB), and Chipotle announcing a 50 for 1 stock split.

The upward trend in the markets continues.

Recap Video

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Sectors in Play Last Week

• Communication and Consumer Discretionary were the biggest gainers this week.
• Real Estate sector was the only losing sector on the week.

Key Levels for this Week

• DOW (39,476) – support 38,700 and resistance 40,000
• QQQ (446) – support 430 and resistance 450
• SPY (521) – support 510 and resistance 525
• IWM (205) – support 200 and resistance 210

What to Watch for this Week

• Monday – 10:00 New Home Sales
• Tuesday – 8:30 Durable Goods; 9:00 Home prices; 10:00 Consumer Confidence
• Wednesday – nothing
• Thursday –8:30 Jobless claims and GDP revision5; 9:46 Chicago Business Barometer PMIs; 10:00 Consumer Sentiment
• Good Friday Holiday – 8:30 PCE price index; 11:30 Fed Chair Powell speaks

Earnings this week

• Tues – MKC pre; GME post
• Wed – PAYX, CCL pre; JEF post
• Thurs – WBA pre; RH post
• Good Friday – market closed

Positions and Trades Last Week

• ADBE – reported earnings last week and sold off – sold $480 puts as per last week's plan. Sold $540 calls later in the week. Kept premium and profits on both trades.
• BA – short $260 call position. Also sold $180 puts this week and kept the premium as per last week’s mention on support in this area.
• GOOG – long.
• ROKU – sold short $62 puts – expired worthless again.
• META – long.
• MIDU – long.
• NKE – earnings play on Friday. Long $101 puts and short $96 puts to lower the cost of trade. Booked profits.
• NVDA – long.

Tracking for Potential Trades

• AAPL – finding support around $170. Potential to sell puts there again this week.
• BA –$180 is now a support area. Potential to sell puts there again this week.
• ETHX.b  - watching to reenter on a pullback. Seems to be holding the $16 area for support.
• LULU – bottom could be in at $385. Potential to sell puts there this week.
• MU – Top now it $133.5 – potential to sell calls above that level.
• NKE – support around $92.
• ROKU –Potential to sell $62 puts. Will look to do it again next week.
• TGT - $170 now looks like a lower high. Sell puts or short stock.
• TSLA - $160 needs to hold – an important area of 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.