Welcome to Q2
Midweek Market Update - July 5, 2023
The Markets
Not much to say. Not much to do.
That’s underwhelming, to put it mildly. But that's the situation so far in this 4th of July shortened trading week.
Cryptocurrency-related names such as MARA and RIOT have provided some excitement. And WOLF is making moves on some news.
But otherwise, the market is relatively quiet. Even the FOMC meeting minutes didn’t shake things up much.
Welcome to the middle of summer.
Things will likely pick up next week though as earnings season begins again and there is another Fed meeting.
The Charts
SPY moving sideways near recent highs is just about the most bullish thing it can be doing right now.
QQQ - same.
IWM may be the most exciting thing to happen today as it shows a little more movement. It dipped low enough to touch the March ‘20 AVWAP and the 8-day MA, then bounced and looked like it would form a hammer candle, and then dipped again into the close.
DIA - building.
BTCUSD is still hugging the 8-day MA.
The Closing Bell
Apologies for the brief note today. But again, I just don’t see much to do or say. And there’s no sense forcing an idea or a trade. That rarely works out well.
On the calendar, FOMC meeting meetings today, non-farm payrolls Friday morning, and a couple of other data points in between. Otherwise, not much going on.
The Disclosures
***This is NOT financial advice. NOT a recommendation to buy, sell, or trade any security. The content presented here is intended for educational purposes only.
Andrew Moss is an associated member of T3 Trading Group, LLC (“T3TG”) a SEC registered broker/dealer and member of FINRA/SIPC. All trades placed by Mr. Moss are done through T3TG.
Statements in this article represent the opinions of that person only and do not necessarily reflect the opinions of T3TG or any other person associated with T3TG.
It is possible that Mr. Moss may hold an investment position (or may be contemplating holding an investment position) that is inconsistent with the information provided or the opinion being expressed. This may reflect the financial or other circumstances of the individual or it may reflect some other consideration. Readers of this article should take this into account when evaluating the information provided or the opinions being expressed.
All investments are subject to the risk of loss, which you should consider in making any investment decisions. Readers of this article should consult with their financial advisors, attorneys, accountants, or other qualified investors prior to making any investment decision.
POSITION DISCLOSURE
July 5, 2023, 4:00 PM
Long: ENVX0721C18, GOOGL, IWM, MARA0721C15, NFLX0714C455, SPY, QQQ
Short:
Options symbols are denoted as follows:
Ticker, Date, Call/Put, Strike Price
Example: VXX1218C30 = VXX 12/18 Call with a $30 strike
Sold SMCI like it was going out of style... it probably isn’t but it was nearing the only resistance it had and the trend-line was too steep for me. Incredible how even the limited amount of TA I know has paid off. This John Murphy book is paying off. Takes me a long time to learn, but I wanna get it right and I appreciate you sharing your wisdom on here and Twitter to help understand.