News:
Markets rose yesterday after Russia said it was pulling back from the Ukraine border. But as I noted yesterday, Putin isn’t going to just walk away.
U.S. President Biden told American’s that it’s not over and to expect to feel pain at the pump while tensions remain high.
In the market, earnings are still pouring in and there are still winners and losers.
RBLX, a metaverse play, is trading down about 16% this morning after an earnings miss.
SPCE is trading up as it began taking orders again.
UPST beat on earning and is up more than 25% at writing.
Technicals:
Bonds sold off as markets rose. Most indicators are in a neutral stance this morning.
The news cycle is what’s driving the market right now. Technicals have little use at the moment. But I’ll continue to monitor…
Timing:
Keep in mind we are in a mid-term year. Stocks tend to underperform and often hit bear markets before the elections.
We’ve got a long year ahead of us. I’m not in a hurry to force a trade.
I’m risk off this morning.
Watchlist:
*SRTS has support at $9
APTS has support at $22.50
KPTI has support at $10.25
COOP has support at $51
PTEN has support at $13
GTE has resistance at $1.30