With the market continue to sell off into January, there wasn't much hope in support forming anytime soon , as stocks kept finding resistance at the 200 day moving average. However, AAPL came in cloth and huge, smashing their earnings report and growth as predicted. This led to support in the broader market, pushing the SPX and NDX up. Markets continued to find support late into the trading close, ripping over 1.5% more in the final minutes of close. This definitely hurt bears on expiration day was Friday, and I imagine a few lost their homes on the late move.
#Crypto saw a bounce back as the market surged, coming back from ~32k to to just over ~37,500. Crypto continues to trade in par with the market, as it closely keeps tracking with the USD. This could be good for traders, as now there are some actual hedging options with crypto trading in sync with the indices. Crypto is down 1.8% and is starting to see trouble looming the horizon, as Russia takes aim at cryptocurrency, with the US and EU, looking to follow suit.
#PMI is set to realize today, and I expect the numbers to continue not to be great, as the overall market is going to continue to weaken, despite so called "positive" unemployment and market growth numbers.
TRADES:
Trading wise I am still going to take whatever the market gives me. Trading the NDX or SPX options seems to be more consistent as of late. The VIX has dropped below 30 again, and keeps having broad swings. If we start to see a sell off here, I might hop in some VIX calls.
#TSLA continued to get hammered throughout the week, and seems to have found a little bit of support. Could see a bounce passed 900 this week. I am set up long for this week, bought some calls on Friday as the stock dumped.
#MRNA still is off over 40% this year, and continues to drop. I think this stock is worth below $100.
Today's Economic Calendar
9:45 Chicago PMI 10:30 Dallas Fed Manufacturing Survey 11:30 Fed's Daly Speech 12:40 PM Fed's George: U.S. Economic and Monetary Policy 3:00 PM Farm Prices
In Asia, Japan +1.1%. Hong Kong closed. China closed. India +1.4%.
In Europe, at midday, London +0.1%. Paris -0.2%. Frankfurt +0.7%.
Futures at 6:20, Dow -0.3%. S&P -0.1%. Nasdaq +0.4%. Crude +1% to $87.68. Gold +0.2% at $1790.90. Bitcoin 1.3% to $37,179.
Ten-year Treasury Yield unchanged at 1.78%
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