July 20, 2022

Markets:

U.S. stock futures were little changed Wednesday as traders continued to review corporate reports in a busy earnings season.

Investors are bracing for a choppy earnings season, even after coming off a sharp rally in the previous session, as they search for more clues into the state of the economy.

A report from the Mortgage Bankers Association pointed to more pain for U.S. consumers as they deal with higher prices and interest rates. Mortgage demand declined more than 6% last week compared with the prior week, dropping to its lowest level in 22 years.

Netflix surged more than 7% in after-hours trading after saying it lost only 970,000 subscribers in the second quarter, less than the 2 million it had previously projected. The streaming giant’s earnings per share also came in above analyst expectations.

Portfolio:

We enter the new trading session holding positions in APP, ADTN, WEBR, LCID, and ITRM. We will be looking to potentially add a new position today as well should price continue to materialize. Our queue is igniting, and the current price activity is so positive for trend traders right now. We also are seeing strong momentum build in specific sectors which will further ignite activity! Be ready and let's have a great session.