July 18, 2024

Markets:

Nasdaq 100 futures advanced on Thursday morning, as technology shares looked to rebound after the Nasdaq Composite’s worst session since 2022.  Tech bouncing and certain semi's responding well to TSM earnings.  Expecting to see a few hammers form today!

Investors have been hoping for a broadening market amid concerns that the tech-driven rally is running out of steam. However, some expect the change in leadership may not be enough to protect stocks from challenges ahead, including the possibility of an economic slowdown.

Initial filings for unemployment benefits surged last week while continuing claims hit their highest level since late 2021, the Labor Department reported Thursday. Jobless claims totaled 243,000 for the week ending July 13, up 20,000 from the previous period and ahead of the Dow Jones estimate for 229,000. The number tied for the highest since Aug. 12, 2023.

NFLX reports after the close.

Portfolio:

We enter the new trading session holding set-ups in TSLL, CLSK, NIO, and GBTC.  Expect a bit more swings with us heading into options expiration tomorrow but would not be surprised at all to see the Nas run higher and burn the shorts from yesterday.  Overall trend remains super strong and nothing has broken.  In fact, as tough as it might be for open positions at times, yesterdays price action has the opportunity to become strong basing support now for continued move higher in the Nas.  With earning season in tech land about to begin, expect monster opportunities to ignite.  One of our favorite times of the calendar year is about to begin.  Be ready.