Option Professor-Will the Bulls Get Caught Leaning-Tech-Oil-Gold-China-Euro-Crypto?
April 8 2023 Option Professor Opinions & Observations
Greetings! We wanted to wish everyone a joyous religious season.
We got the Jobs Report was solid at 236K INCREASE and WAGES rose .3% after gaining .2% the prior month. We get CPI (Consumer Price Index) on April 12 and Retail Sales on Friday the 14TH. BOTH of these numbers combined with the Jobs number will have the Fed either on their toes or heels. We all knew ISM manufacturing was in contraction but the ISM services dipping toward 50 was an eye opener but needs to be confirmed next month. With jobs plentiful (1.7 to 1 ratio still ) and Wages still rising and change of seasons-spring/summer ahead; it will be interesting if the supposed CREDIT CRUMBLE from the banks problems will halt the consumer. EARNINGS start with the banks. All eyes will be focused on if the big banks (BAC JPM C GS WFC) will have benefitted from huge deposits and if REGIONAL banks are getting hit by an exodus….maybe that will be a Q2 thing but GUIDANCE off Q1 numbers will be key. Another factor is VALUATIONS have gotten a bit rich again so we will see if EARNINGS support this repricing or if it’s BUY the rumor SELL the fact. There will be no rest for the wicked in 2023. Possible break EITHER way.
OK Now lets talk about the headline to this update. Will the BULLS get caught LEANING or MORE ahead. BIG RUNS-Tech-Bonds-Oil-Gold-Crypto/Euro/BP-China LINKED in part to Fed EASE? Do We Rely on That?
Here’s some ZONES of joy and fear for some of the markets based on OUR Technical Work/Our Opinion.
On the S&P 500 Resistance 4205-4350 Support 4045-3980-3955. QQQ Resistance 325-330 Support 308-300-295. IWM Resistance 175-181-190. Crude Oil Resistance 81-85-90 Support 78-74-66. Gold Resistance $2050-$2100 Support $1980-$1900-$1800. China FXI Resistance 34-38 Support 28-27. GBTC & ETHE-Call.
There are MANY stocks we follow in these sectors. MANY option tactics-Collars- Call Write-Replacement
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