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Morning Brew July14 2023
Erik Schafhauser
Senior Relationship Manager
Summary: Wild Moves - What!`s next
Good Morning,
With the PPI up only 0.1%, the strong sentiment continued in what looks like a bit of a meltup.
The Dow ends up 0.1%, S&P 500, 0.9%, Nasdaq up 1.6% the NY FANG Index including Apple, Meta, Snowflake, AMD Microsoft Tesla, Amazon Netflix Alphabet and Nvidia is at a new all time high, up 90% on the year.
Asian stocks rose for a fifth straight day on Friday, on course for their best week this year acc to Reuters.
10 Year US rates dropped to 3.77, 2 year 4.65 – the USD Index drops below 100 to trade 99.75, EURUSD breache 1.12, GBPUSD 1.31 and USDJPY fell below 138. Gold rose to 1958 and Silver 24.80.
- Our Strats have been busy:
Technical Update - USDJPY, EURJPY, GBPJPY & AUDJPY – Are the corrections over? - FX Update: USD breakdown likely set to extend.
- Crude oil in buoyant mood
- Technical Update - Nasdaq 100 breaking key strong resistance, eyeing 16K. S&P 500 extending uptrend towards +4,500
- Technical Update - EURUSD testing key resitance, eyeing 1.15. GBPUSD above 1.30 looking at 1.33. Dollar Index below key support
There is little Key economic data out today, US Import Prices will be released at 14:30 and the University of Michigan Sentiment at 16:00. Sentiment after the recent wild moves will be key, also the earnings of JP Morgan, Statestreet, Citi, Wells Fargo and Blackrock will be closely watched.
Our Koen explains how a covered call strategy on PepsiCo can be set up after strong earnings yesterday..
Investing with Options - PepsiCo Covered Call
The Market is very difficult to read – we are stretched in many equities, the USD is technically oversold but there are also good reasons for the trends to continue or to take a break rather than reversing. Remember that one of the most important rules in trading is to not only consider what happens when you are right but also when you are wrong - Live to trade another day
Earnings next week:
- Tuesday: Bank of America, Novartis, Morgan Stanley, Prologis, Lockheed Martin, Charles Schwab, PNC Financial, Bank of NY Mellon
- Wednesday: Tesla, ASML, Netflix, IBM, Elevance Health, Goldman Sachs
- Thursday: TSMC, Johnson & Johnson, SAP, Blackstone, CSX, ABB, Freeport-McMoran
- Friday: American Express, Schlumberger