July 23, 2024

Markets:

Stock futures were little changed Tuesday, with traders readying for earnings reports from major companies after the benchmark posted its best day in more than a month.

Google-parent Alphabet and Tesla are due to report earnings after the bell. Those reports will mark the Street’s first look at how major tech-related names fared during the second quarter.

Meanwhile, General Motors posted second-quarter results that easily beat analyst expectations and boosted shares about 5%. UPS missed on the top and bottom lines, sending the stock down 7%.

Those moves follow a winning day on Wall Street, as technology stocks rebounded from last week’s sell-off. The S&P 500 rose more than 1% for its best session since early June, while the Dow ticked higher by 0.3%.

Portfolio:

We enter the new trading session holding set-ups in NIO,SERV, and GBTC. SPOT, GM, KO, SAP to name a few all delivered strong numbers this morning. Extremely positive for the longer-term trend building into the elections season and year end trading. Yesterday was a very impressive trading session after Friday's price action. SPY and Q's building nicely. Not out of the woods yet technically, but strong response and now we go. We obviously expect a period where we can base and churn for a bit before the next move, which should be the monster one that catapults this market into next level. This will also provide the chase for performance. As we stated a few weeks ago, this is what we believe the pattern will be. Just see it building. If this indeed is the pattern, we will be presented with enormous potential for ridiculous returns to end 2024. It's begun, now let's see it build out. TSLA and GOOG earnings will be big for tonight and the next few sessions.