Wow what a pop by SNAP Looks like PINS is up too, if TWTR reports good earnings next week then it looks really bad for FB
haha yessir! and i feel like i almost bottom ticked the LOD there on my exit just before cash market closed lolol. closed out my spuz short just literally minutes before AMZN came out. one of the better days i've had in quite some time now haha. i'll def. take it. gonna sit out tomorrow and maybe even next week. but i'm still am in the camp that thinks much more downside ahead as i don't think the lows on this corrective move are in just yet
What's happening with SNAP today is a good thing to keep in mind, once we do hit a bear market. SPY is only down ~10%...If we were heading for a bear market, then there'd be much more downside ahead. If you want to short high volatility stocks to try to make money in a bear market, you might have to deal with 40% drawbacks.
Growth stocks should have a good day tomorrow unless we see some shocking number of wage growth tomorrow morning from the NFP that would send treasury yields sharply higher
Top of the morning Stockaholics! Happy Friday to all of you! And welcome to the final trading day of the week and a frrrrrrrrrrrrrrrrresh start! Here is a quick check on those futures as we are just over 3 hours from the cash market open. GLTA on this Friday, February the 4th, 2022.
Awesome day. I'm kinda surprised you didn't hold through the jobs report today. Thought I saw that the white house already warned that "it's going to be weird" or something along those lines and that it needs to be taken in context and explained. You don't give pre-warning like that ahead of time unless it's bad IMO. Edit add: But it's obviously never bad to take profits on a huge win
Looks like a decent report despite the White House warnings earlier this week: https://www.cnbc.com/2022/02/04/jobs-report-january-2020-.html
Morning Lineup - 2/4/22 - Jobs Day Fri, Feb 4, 2022 There's a lot of 'straw hats' on sale in the market lately, but the question is how far they are from their 'final markdowns'. Futures were much higher overnight, but have been drifting lower ever since Europe opened for trading. Amazon.com (AMZN) is still up over 10% following its earnings report after the close yesterday, and that's helping to keep Nasdaq futures marginally higher this morning while the S&P 500 is flat and Dow futures are down. One asset not on the sale rack is crude oil as WTI is firmly above $90 and looks headed to triple-digits. The big market event of the morning was the January Non-Farm Payrolls report, and after two months where economists were expecting a strong report and received much weaker than expected news, today they were expecting a weak report due to Omicron, but as luck would have it, the results came in much stronger than expected. The initial reaction in the markets was for higher rates and lower equities, so it looks like bulls may be heading into the weekend disappointed. The market couldn't keep bouncing forever, but even after the rally off of last week's lows, yesterday's decline was a tough one for bulls to stomach. As shown in the chart below, while the bounce brought the S&P 500 back above the 200-DMA - a level it still trades above now - it stalled out just below the 50-DMA, and yesterday's sell-off brought it back below the highs from late last summer. How the S&P 500 trades today following AMZN's strong report will likely say a lot in whether yesterday's weakness is the beginning of another leg lower.
The pre-market thread is now up on Reddit for anyone looking for a quick read before today's cash market open. GL to y'all's trading on this final trading day of the week. Have a great Friday and weekend ahead everyone! https://www.reddit.com/r/StockMarket/comments/skdvyb/24_fridays_premarket_stock_movers_news/
ye, might be lookin' like a good news = bad news for equity market (maybe). also, hindsight's 20/20 ofc, but looking back on it i prob shoulda held my contracts going into the close yesterday. but, guess you can say i'm at a point in my trade career now where i'm not actively trading anymore, and admittedly don't put on many trades at all anymore. honestly if i make 10 trades all year long would be considered pretty excessive for me lmao. but, that i make sure what i do get into is put done with a game plan first, and having set targets in mind, with a pretty tight stops in case the trade goes the other way to lock in those precious profits as i like too call them haha. just wasn't 100% sure on the direction going into today, thus that conviction which initially was sky high going into my spuz short before the ADP # hit, wasn't quite there for me going into the market close yesterday. hence, wanted to make those profits realized. had my stops super tight though. was only giving it only like 3 handles quite literally. and sure enough it got hit. not too shabby. i'll certainly take it. now 2 for 2 to the good for me this year. my first spuz short was also very similar to this, albeit admittedly was a little bummed out that i had sat out a good chunk of that initial downside move. oh well, no worries. i do think the correction lows are not in yet. far from it. personally i'm feeling the bear might finally arrive this year, and won't just be this "flash in the pan" bear either, like i felt the COVID-induced bear was 2 years ago. i don't even count that as any real bear market, even though yes technically it was as it was off over -20% from the ATH. a normal bear lasts about 10 months in length, so that would be a pretty meaning bear if we see that, which i think we could so long as the FEDs remain status quo with their plans this year. which it looks like it could given this strong NFP # this AM too. we'll see how it goes, but i will continue to remain in the "STFR" (sell/short the fucking rip) camp so long as the FED is doin' what it's doin'. thx again btw Chris! means a ton coming from you sir. always a pleasure hearing from you.
here is the quick sneak peek at next week's most anticipated ERs before EW has them out over the weekend for those lookin' 'round for that. have a great rest of your friday and weekend ahead everyone!
Market holding up well despite rising bonds yields, I guess partly thanks to the earnings from AMZN and SNAP yesterday Banks are doing well on higher yields but I see some industrial stocks underperforming today
I'd like to see a re-test of that SPX 4,200 level. If that were to happen, this level is too high [for those who want to enter heavy on long positions--now 4535]. I didn't know what was going to happen today with what happened with Microsoft after the market closed yesterday. But the market is not acting right for bulls, as of now. In this environment, fast profit taking and exits seem appropriate.
Wow pretty crazy action in the last hour of the trading day/week, the SPX was up like 60 points at one point but ended up just up over 20 points for the day at the end
