Market Soars Amid Upbeat Bank ER 🥳
15% gain from SPY and 8% profit from QQQ on Tuesday. ⚠️ Trading Tips: Looking at calls for SPY above 454.86 and below 453 for puts. Levels for QQQ will be 387.13 for calls and below 385.15 for puts on Wednesday.
The Dow rose 366.58 points, or 1.06%. The S&P 500 gained 0.71%, while the Nasdaq Composite climbed 0.76%. All three major averages notched their highest closes since April 2022.
Second-quarter earnings season is off to a strong start. Of the 38 companies in the S&P 500 that have reported results, 82% have exceeded expectations, according to FactSet data. For many investors, the recent streak of gains bolsters the case for a soft-landing scenario. It’s an outlook that has gained traction after last week’s encouraging inflation data.
Greed is coming on strong
“I think that we have to take a hard-landing scenario off the table, and in part, as we approach 2024 it becomes more difficult for us to believe in a downward trajectory to earnings,” Alger’s Ankur Crawford said on CNBC’s “Closing Bell” on Tuesday.
“If you look at, you know, a lot of the tech earnings for example, we’ve troughed and now we’re starting to reaccelerate and grow again. That is a very different scenario than where we entered the year,” Crawford added.
Strong earnings = weak dollars
June housing data will release Wednesday at 8:30 a.m. ET. Housing starts are expected to have dropped by 9.3%, according to economists polled by Dow Jones. That would be down from the huge 21.7% jump in the prior month.
Meanwhile, June building permits are anticipated to have declined 0.7%, according to Dow Jones consensus estimates. That would be down from a 5.2% gain the previous month.
Trade #1
Trade #2
Goldman Sachs is set to report before the open Wednesday. Other major companies such as Netflix, Tesla, IBM and United Airlines will post earnings after the close.
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Stinky said Dow under 15k by end of last year and he was shorting tsla 70 bucks ago this guy really clueless
Wow that was amazing. Do you think market will pullback soon?