Trading the Charts for Tuesday, May 2nd
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Good morning and Happy Tuesday,
Earnings continue to come in better than expected but we still have a long ways to go.
FOMC meeting tomorrow and Jobs report on Friday so I’m not planning on being too active today.
FOMC will hike by 25 bps tomorrow but it’s the prepared statement and then the Q&A from Powell that will have more impact on the markets. Does Powell sound hawkish or dovish? Does he talk about a pause or does he say they still have more work to do?
There are some interesting setups/pullbacks but need to be careful inside of earnings season because even if your company is not reporting, if one of their competitors reports bad numbers it will impact your company too.
I’ll start putting together my spreadsheet of Q1 gap ups which I’ll share in the next couple days ie META last week and UBER today. These are the companies that start to get re-rated higher and could rip 20-40% before pulling back however sometimes these gap-ups start to reverse very quickly ie SOFI yesterday and MEDP last week.