Hi all,

NVDA stole the show this week with their numbers and guidance beating expectations. This powered a few select tech stocks higher on the week.

The flip side was in the Fed meeting minutes and Thursday’s PMI numbers. The Fed minutes mentioned concerns about how inflation is staying persistently high and the PMI numbers showed the economy is still powering along just fine. This all leads to the question as to why would the Fed cut rates anytime soon. September move is still the odds-on favorite

Thursday’s price action saw a big pullback from a high. Watch that day’s range as an indicator. If we drop below Thursday’s low on that day, we could see a bigger pullback.  A break higher would be bullish.

Tech still looks strong but sectors like consumer discretionary are really weak.

Recap Video

Watch the Recap on YouTube

Sectors in Play Last Week

Technology and Communication were the biggest gaining sectors this week.

Energy and Real Estate were the two sectors down the most this week.

Key Levels for this Week

• DOW (39,070) – support 38,800 and resistance 40,000
• QQQ (458) – support 449 and resistance 465
• SPY (529) – support 525 and resistance 540
• IWM (205) – support 200 and resistance 210

What to Watch for this Week

• Monday – Market holiday.
• Tuesday – 9:00 Home price index; 10:00 Consumer confidence
• Wednesday – 2:00 Fed beige book
• Thursday –8:30 Jobless claims; Wholesale and Retail inventories; 10:00 Pending Home Sales
• Friday – 8:30 PCE price index data.

Earnings this week

• Monday – Holiday
• Tues – CAVA post 
• Wed – ANF pre and CRM, AI, PATH post
• Thurs –   COST, DELL, MRVL, ZS, MDB post
• Friday – nothing noteworthy

Positions and Trades Last Week

• Long gold stocks but trimmed position – may add back now.
• BA – short $260 call position. 
• ETHH – long Ethereum with Toronto Stock Exchange ETF. Ca-ching – sold most of the position.
• GOOGL – long on break out.
• NFLX - Option trade Friday (0DTE), sold $655 calls expired worthless and kept premium.
• NVDA – long. Held through earnings (unusual for me) – was very confident they were going to beat.
• MRUS – long Friday at $55.7 – sold most over $60 - still holding a small position.
• TLT – sold a few $91 puts and will look to add.
• URA – long but sold most last week. I will look to reload next week.
• XLU – long still.

Tracking for Potential Trades

• BA- $170 now looks like support.
• DIS – support at $100 gap fill and potential to hold there. Still watching.
• LULU – sold off a lot. $300 might be support for a bounce but the Consumer Discretionary sector is under pressure.
• NFLX – broke out of trading range. $635 looks like support.
• SLV – pulled back from highs and could make a move higher from the $27.0 gap fill.
• TLT or long Bonds for continued drop in yields – started position and looking to add.

 

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.