April 27, 2023

Markets:

U.S. stock futures rose Thursday, boosted by strong results from Meta Platforms.

Meta shares leapt 11% as the company reported quarterly revenue that beat analysts’ expectations. The company also issued stronger-than expected guidance for the current period.

Caterpillar, often seen as a barometer of the global economy, traded modestly higher after posting much better-than-anticipated results.

Tech giants Amazon and Intel will share their quarterly results after the closing bell Thursday.

Key economic data releases include the initial reading of U.S. gross domestic product for the first quarter, slated for 8:30 a.m. Weekly jobless claims are due at the same time. Other major data points include pending home sales for March and the Kansas City Federal Reserve’s manufacturing index reading.

The S&P 500 and Nasdaq Composite are on pace to end April in the red.

Portfolio:

We enter the new session holding positions in LCID, BZH, EDR, and ENVX. The last week has been touhg with swing trades but overall 2023 has been super positive.  We look forward to a new month of May! Remember our theory we continue to pinpoint too; the higher this market goes the bigger the pain trade! The bearish case has been loud for several months now. From 3300 through now. They continue to doubt the technicals and move and we will continue to warn everyone; this should this market break above 4200 and hold, then 43050 comes quickly. Should we dare break above 4350 on the S&P and hold…you have yourself a monster rally in place with nothing but air to the upside and where bears will be forced to chase. The real pain trade! Unless we break and hold 3890 to the downside, we cannot chase the short side here. We just continue to ease into it and find opportunity. We remain in range, hoping we can break one way or another. Be ready today, queue is igniting.