July 22, 2022

Markets:

Nasdaq futures fell Friday as investors digested a fresh batch of corporate earnings that included disappointing results from Snap, which sent social media shares reeling.

Shares of Snap plummeted a whopping 28% after the Snapchat parent posted second-quarter results that fell short of analysts’ expectations and noted that it plans to slow hiring. The report was followed by a slew of analyst downgrades on the stock.

Shares of growth-focused technology companies jumped in trading on Thursday as the dollar cooled down from its surge. The European Central Bank hiked rates by 50 basis points in its first increase in 11 years while initial jobless claims hit their highest level since November 2021.

On the earnings front, investors are awaiting results from American Express, Verizon and Twitter slated to report before the bell on Friday.

Portfolio:

We enter the last trading session of a great week holding positions in S, WEBR, and holding ITRM.  We might look to add a new set-up today to position ourselves further for next week.  We expected a chop session yesterday and pretty much had one into the final hour when the market moved well in positive fashion.  The only thing that bothers us a bit here is the volume.  But, never fight the trend and we continue to state; the trend developing will be a powerful one leading into mid-terms!  The time has come folks.  Let's have a great session but continue to be patient, no reason to rush in as it develops.