October 14, 2022

Markets:

Stock futures slipped Friday as investors turned their attention to big bank earnings after the major averages staged a historic turnaround rally.

JPMorgan Chase and Wells Fargo gained after revenue topped expectations. Morgan Stanley reported a profit miss, sending shares down more than 2% in premarket trading. Shares of Citigroup also fell after the bank reported a miss in third-quarter profits.

Dow member UnitedHealth also reported results that beat Wall Street expectations on Friday, sending shares higher.

There’s still more economic data this week, too. September’s retail sales will come out at 8:30 a.m. ET. Later in the morning, investors are looking forward to the latest consumer sentiment figures from the University of Michigan.

Portfolio:

We enter today's session holding positions in MARA, KLIC, MPW, NBIX, and PARA. Although it's Friday, we might be looking to add new opportunities as queue continues to ignite, especially with what took place with yesterday's price activity. The flows we saw yesterday were primarily algo driven but we could have a potential launch pad. We bounced exactly where we pointed too in premarket, 3500. If we broke below, we would have 3200 – 3300 with ease. Now we need to assess. 3640 for the Bulls is now massive to protect. Break below that and we could see 3500 fast. Just some key levels we wanted to share and for all to watch. These levels have been pinpoint of late and thus what brings us so much excitement to end 2022 and begin 2023. Let's have a great session.