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"Let's Get Ready to Rumble!"
Issue #23
Hi There! Happy Easter! As for me, Easter here in the U.S. hits differently. Our Easter was centered around church, food and celebration (in that order). The food was out of this world! The Good Friday meal was a must-have in every Grenadian household, with fresh mackerel, steamed dumplings, and steamed ground provision like white yams, green bananas, and white sweet potatoes. My mouth is watering just describing it! Kite-flying was the main activity on Easter Sunday, not Easter egg hunts or bunnies (still can't wrap my head around those). Best part, we got Easter Monday off to enjoy the church harvest (a.k.a. carnival minus the Ferris wheels) or visit one of our white, sandy beaches for a cookout with family and friends. Good times right through!
Colourful Kites on Easter Sunday in Grenada. Photo by Grenada Explorer
Alright, let's dig in!
Last week, the jobs report gave investors much to mull over during the long holiday weekend. Job openings came in slightly lower than expected, while unemployment rate dropped. While the stock markets were closed for Good Friday, futures trades hinted a small bullish sentiment. Investors are still holding on to that slim glimmer of hope that the Federal Reserve may slow or pause interest rates given the most recent jobs data, the continued banking crisis, and gloomy geopolitical climate. All in all, the Dow managed to finish the holiday-shortened week in the green, while the S&P 500 and the Nasdaq ended lower after three weeks of gains.
The WTI Crude Oil had been in a very tight consolidation range all of last week. Price gapped higher than usual after the OPEC+ announced output cuts starting in May. The huge gap caused price to hammer the 200-day exponential moving average, preventing that clear run up above a key resistance level at $82.23. Meanwhile, that gigantic gap remains unfilled. From the looks of it, there isn't any catalyst suggesting that price will make that big of a drop anytime soon.
Other key highlights from last week:
Costco posted its worst U.S. comparable sales growth
Bitcoin correlation to Gold tightened in March amid TradFi woes
Arsenal FC joined the blockchain with Football NFT project
The Smurfs announced the launch of their first official NFT collection on April 18th
Polygon zkEVM leads the way into Ethereum's next chapter
Here's what to expect in the week ahead:
The week ahead is packed with news that will provide investors with insights into the fate of the Fed Interest rate hikes, the health of the banking sector, and global relationships. Buckle up!
The following U.S. economic reports will be the center of focus: Core Consumer Price Index (CPI), Federal Reserve Meeting Minutes, Producer Price Inflation (PPI), Retail Sales, Michigan Consumer Sentiment, and the usual, weekly reports on Initial Jobless Claims.
Fed policymakers that are scheduled to speak during the week include New York Fed President Williams, Philadelphia Fed President Harker, Minneapolis Fed President Kashkari and Richmond Fed President Barkin.
Friday (4/14/2023) is a big day for the banking sector. Notable bank earnings include JPMorgan (NYSE: JPM), Citigroup (NYSE: C), Wells Fargo (NYSE: WFC), PNC (NYSE: PNC) , and BlackRock (NYSE: BLK). Investors will be watching for any clue on the status of the looming banking crisis.
The upcoming high-impact global news includes Bank of Canada (BoC) Interest Rate Decision, Australia Unemployment Rate, and the UK Gross Domestic Product (GDP). Also, the International Monetary Fund (IMF) and World Bank will be hosting their highly-anticipated Spring meeting. The IMF plans to reveal data on the global economic growth forecast and provides commentaries on concerns over high inflation and its potential impact on financial stability.
Next week's anticipated bias (not financial or investment advice):
Monday (04/10/23) - Short the high of the day
Tuesday (04/11/23) - Buy Dip
Wednesday (04/12/23) - Expect the markets to whipsaw
Thursday (04/13/23) - Trade Volume
Friday (04/14/23) - Pay yourselves
Trading Tip: Trading is a game of probability!
Week 04/02/23 - 04/08/23 Recap
Special Tools and Strategies
Swaggy Stocks website provides simple, yet powerful tools and analytics to help traders and investors understand stocks, options, crypto, and NFTs.
They track:
Most mentioned tickers plus sentiment on each ticker for various social media outlets
Tickers that are gaining hype and losing momentum
Maximum pain for options expirations
Option volume trends & unusual options activity (big volume trades and position side)
Mentions on stocks where the short-squeeze is the main focus
Historical NFT prices and floor prices, recent NFT transactions, and NFT volume
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Disclaimer: This newsletter is strictly educational. The information provided in this report does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the report’s content as such. Please be careful and do your own research.