4/19/23 Treading Water … What Boring Charts Really Mean


Tuesday was a mixed day on Wall Street.

The indexes finished mixed, near flat, and directionless.

  • Dow Jones -0.0%
  • Nasdaq -0.0%
  • S&P 500 +0.1%
  • Russell 2000 -0.4%

We struggled to find anything that pointed in any direction.

Under the surface, it was clear neither the bulls nor the bears were in charge. 46% of the listed stock gained, and 51% declined.

Sector Round Up

The sectors told the same story.

At the close, 7 of 11 were higher. No sector changed by more than 1%.

At the top…

  • Industrials (XLI) +0.5%
  • Materials (XLB) +0.4%

At the bottom…

  • Utilities (XLU) -0.5%
  • Healthcare (XLV) -0.7%

Notable Names

The small regional bank Western Alliance (WAL) surged 17% after reporting strong quarterly earnings.

Image from Western Alliance

  • It reported a surge in deposits, $2.9 billion added since March 20, a 6% increase
  • If the gains hold, it will add $605 million in market cap

Intuitive Surgical (INSG) rose about 8% after beating estimates with its latest earnings report.

  • The company is working around staffing shortages…
  • In Q1, it reported a 26% increase in robotic surgical procedures compared to Q1 of last year
  • If the gains hold, it will add more than $7 billion in market cap


The VIX continued to fall as fear and volatility have vanished from the market.

VIX Daily Candles – Chart by thinkorswim

And while falling prices and wild action are good for headlines and CNBC ratings … Calm and quiet is good for the bulls.

Our outlook remains steadfastly bullish.

Here’s our latest reading…


Three trading days remain until options expiration.

If there is some volatility left in the market, maybe the witching day will bring it out.

Until then, we continue to monitor the earnings landscape for emerging trends.


^Open Position

PKST is on watch
SONM support at $1
ALDX support at $10
CLSK support at $4, resistance at $5
^CIFR support at $2.50
WW support at $8
APLD support at $3.50
LVO support at $1.40
VKTX support at $18
TDUP support at $3
EOSE support at $2.75
^EMAN support at $2, resistance at $2.40
CBAY support at $9, resistance at $10
^SQSP support at $32

Secondary watchlist—float 100+ million

^IOT support at $21
TIO on watch
XERS support at $2.20
TGTX support at $20
RIOT on watch
HIMS support at $10
^IONQ support at $6, resistance at $7
ARDX support at $4.20, resistance at $5

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