4/11/22 Short Busy Week Ahead … Elon Update

News:

Markets closed mixed on Friday with the Dow in the green and most everything else in the red.

Risk-on bets aren’t performing well at the moment. Bitcoin, the Nasdaq, and the Russell 2000 have borne the brunt of the recent selling.

There is some economic data due out this week. Investors may wait for the news to drop before buying resumes…

On Musk watch, Twitter’s CEO says “Elon has decided not to join our board.” Last week Musk disclosed a 9% stake in the company. He was then appointed to the board. As far as we know Musk still owns the stock.

Twitter (^TWTR) is down ~4 in premarket trading. The stock is trading 30% higher than this time last month.

Technicals:

My main watch is still the volatility index, VIX. Check out the chart…

VIX Daily Candles – Chart via thinkorswim

A close above 25 will have me rethink my bullish stance. At writing futures are drifting lower and the VIX is rising.

I’m bullish on the SPY, I’m watching for last week’s low to act as support this week. Remember it’s not about where we open, I’m always watching the close…

We’ve got a busy week ahead. Here are the important events…

Timing:

Tuesday: Consumer Price Index (CPI) inflation data drops at 8:30 am.

Wednesday: Producer Price Index (PPI) inflation data drops at 8:30 am and Earnings Season begins

  • Big bank JPMorgan Chase (JPM) reports earning premarket
  • Meme stock Bed Bath & Beyond (BBBY) also premarket

Thursday: More big bank earnings. All reporting premarket.

  • Wells Fargo (WFC)
  • Goldman Sachs (GS)
  • Morgan Stanley (MS)
  • Citigroup (C)
  • PNC Financial (PNC)
  • Ally Financial (ALLY)

Friday: Markets are closed for Good Friday.

Watchlist:

*Low Float
^Open Position

*IPI is on watch
^*THCA has resistance at $13.50
PHIO is on watch
TRVI has support at $2.5
^NRGV has support at $18
^ASRT has resistance at $3.50
SGML has support at $17, resistance at $18
ZETA has support at $13
BORR has support at $4
^LXU has support at $25
NAT is on watch
BRCC has support at $29, resistance at $30
TWTR is on watch

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