January 19, 2023

Markets:

Stocks were set for a second day of losses as investors grew increasingly concerned the Federal Reserve will keep raising rates despite signs of slowing inflation.

Initial filings for unemployment insurance fell to their lowest level since late June last week, a sign that the labor market is resilient amid a slowing economy.

Claims totaled a seasonally adjusted 190,000 for the week ending Jan. 14, a decline of 15,000 the previous period, the Labor Department reported Thursday.

Investors are watching key quarterly reports to see if there is an earnings recession brewing. Netflix and Truist Financial are among companies reporting earnings on Thursday.

European markets retreated on Thursday, tracking weaker global sentiment as investors gauge the economic outlook, a topic high on the agenda at the World Economic Forum in Davos this week.

Portfolio:

We enter the new trading session holding positions in ASAN, TSLL, MTTR, and PINS. Great week thus far but we want to continue to position ourselves further for what we see to come technically for this market over the next several weeks. Fed comments yesterday completely reversed the markets and now we look to see where price picks up technically and if a new line of support can be made. Tonight, we also receive NFLX earnings, and this is typically a nice market mover. So much is happening in this market right now and for the next few weeks. Such a great period to be trading. Let's capitalize well!