January 20, 2023

Markets:

Stock futures were higher on Friday as investors tried to hang onto the January rally amid and earnings continue to trickle in.

Netflix jumped 7% after posting more subscribers than expected even though its quarterly earnings missed analysts’ estimates. Alphabet rose 3% after the company announced it will lay off 12,000 employees.

Wall Street is coming off another down session, with the Dow and the S&P 500 posting three-day losing streaks as corporate earnings and economic data signal a slowing economy. The Dow slipped more than 252 points, or 0.76% and is now down 0.31% year to date. The S&P 500 shed 0.76% and the Nasdaq Composite lost 0.96%, but both indexes are positive for the year.

Going forward, investors will continue to watch corporate earnings with oilfield services name SLB and Ally Financial set to report Friday. They will also listen closely to speeches from Fed officials ahead of the central bank’s February meeting, seeking clues on the size of the rate hike that’s likely forthcoming.

European markets were flat on Friday morning as stocks failed to rebound from Thursday’s selloff, with the outlook for monetary policy still firmly in focus.

Bitcoin fell roughly 0.5% after Crypto firm Genesis filed for Chapter 11 bankruptcy in New York.

Portfolio:

We enter todays session holding set-ups in YPF, ASAN, TSLL, MTTR, and PINS. We will be looking to potentially position ourselves further for next week. Expect a wild session ahead potentially as we have one of the largest quarterly expirations on record taking place today. Technically, we continue to withstand and have yet to breakdown from the markets current run. 3890 in the line in the sand for the bulls. A break and hold below that line and we could see monster opportunity to the short side short term. But for now, market continues to fight and build. Watch this line closely. Be ready today and lets end the week strong.