April 18, 2023

Markets:

Stock futures rose Tuesday morning, boosted by an important round of first-quarter earnings results that topped Wall Street expectations and suggested companies are faring better than feared in this tough economic environment.

Bank of America added about 3% before the bell after surpassing first-quarter expectations on the top and bottom lines as rates rose. Johnson & Johnson’s results topped estimates and the drug and raised its 2023 guidance, lifting the Dow member 1% in premarket trading.

Some of Tuesday’s bullish sentiment was dented after Goldman Sachs
reported lighter-than-expected first-quarter revenue, dragged down by a $470 million hit from its Marcus loans. Shares slumped nearly 4% premarket.

In global economic news, China GDP rose at a 4.5% pace in the first quarter the highest level in a year and more than the 4% estimate.

On the economic front, traders are watching for the latest housing starts and building permits data. March housing starts are expected to fall 3.4% to 1.40 million units, according to consensus estimates from Dow Jones.

Portfolio:

We enter todays session holding setups in SPWR, TSLL, YEXT, and ONON. Nice day yesterday for the queue and price activity but today as the potential to really generate strong charts and technicals. It continues to build and the hated rally continues to build a monster base. Be ready today and let's continue to set ourselves up for the following month / period!