October 17, 2023

Markets:

U.S. stock futures were slightly down Tuesday as the third-quarter earnings season gains momentum.

Several financial names kicked off earnings season to a strong start, including Charles Schwab on Monday and JPMorgan Chase on Friday.

This has helped improve market sentiment amid concerns surrounding the Israel-Hamas war. The conflict in the Middle East has sparked concerns that tensions in the region may escalate to some of the biggest oil producers, notably Iran.

In addition to Tuesday’s earnings reports, Wall Street will also be keeping an eye out for fresh economic data. Retail sales and industrial production data for September will be released before the bell. October’s housing market index and business leaders survey numbers are also scheduled to be announced Tuesday morning.

Portfolio:

We enter the new trading session holding positions in IONQ, PLUG, NTNX, PATH, and AX. Yesterday's session was a monster one technically, but it was a bit strange to see such strength yesterday after Friday's session. We thought we would build to it a bit more but yesterday was explosive. Folks chasing Friday's price activity gave up all their Vol yesterday and now today let's see what the market brings. Reminder; do not chase the day to day moves and trade a plan of what you see coming and the opportunities to build for. Today will be a telling day regarding follow through and possible technical test we've been waiting for. Be on alert today but stay patient today as well. Allow price to build and then the reward will be there for us to trade in the coming days / weeks. Let's have a great session.