4/17/23 After The Fear is Gone


On Friday, markets opened near flat as investors worked to digest blow-out earnings from the banking sector.

Some banks did better than others in the wake of the banking crisis.

A quote from the Wall Street Journal, “There Was No Crisis for JPMorgan and Its Big-Bank Peers.”

Image by Shutterstock

Here’s how the banks that reported earnings on Friday fared…

  • JPMorgan Chase (JPM) +8%
  • Citigroup (C) +5%
  • Wells Fargo (WFC) -0%

The broader markets didn’t do quite as well—after a solid open, stocks faded throughout the day.

At the close, all four major indexes were modestly lower…

  • Dow Jones -0.4%
  • Nasdaq -0.4%
  • S&P 500 -0.2%
  • Russell 2000 -0.9%

Sector Round Up

Despite the selling, 3 of the 11 sectors managed to close the day higher…

The winners…

  • Financials (XLF) +1.0%
  • Energy (XLE) +0.2%
  • Consumer Discretionary (XLY) +0.1%

At the bottom…

  • Healthcare (XLV) -0.8%
  • Utilities (XLU) -1.1%
  • Real Estate (XLRE) -1.7%


The VIX posted a new 52-week low close on Friday…

VIX Daily Candles – Chart by thinkorswim

Heading into Friday’s session, the market appeared somewhat overbought, so the lower close was not surprising.

But the selling was not based on fear. Our readings suggest markets are seeking balance before continuing their climb…

This morning’s reading is unchanged and bullish.


Earnings season kicks into high gear this week. We’ll hear from additional banking giants and some of the biggest names in tech.

Here’s what we’ll have eyes on…

  • Monday premarket — Charles Schwab (SCHW)
  • Tuesday premarket — Bank of America (BAC)
  • Tuesday premarket — Goldman Sachs (GS)
  • Tuesday after-hours — Netflix (NFLX^)
  • Wednesday after-hours — Tesla (TSLA^)

We’ll cap off the week of earnings with options expiration on Friday.

It should be a fun ride.


^Open Position

ARCT support at $27
ALDX support at $10
CLSK support at $4
^CIFR support at $2.50
WW support at $7
APLD support at $3.50
DTC support at $8, resistance at $8.50
LVO support at $1.40
VKTX support at $18
TDUP resistance at $3
^EMAN support at $2.30
^SQSP support at $32

Secondary watchlist—float 100+ million

^IOT support at $18, resistance at $20
TIO on watch
XERS support at $2
TGTX support at $20
RIOT on watch
^IONQ support at $6, resistance at $7
ARDX support at $4.20
NGD support at $1.20

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