Daily Plan 4/28/23
Hey guys -
Let us see what worked and not so well today.
Starting with Emini S&P500, the main expectation today was to see the market supported if intraday action remained above 4100. We opened exactly at 4100 and did barely any trading below this level to rally into 4160 at the time of this post. NQ opened above 13000 and did not do any trading below 13000 at all, rallying about 250 points off this level.
From last night’s FRC level, it was up about 20% at one point, before giving up some of those gains to close up 8% on the day.
MARA stock rallied about 6% today to close above 10 bucks from that sub-9 bucks level.
I was bullish on AMZN from 105 level with my target met at 110. However, at 110, I thought the stock will sell off after the earnings but it managed to rally about 7% at the time of this post. This market is very sensitive to any mentions of ‘language models’ and ‘machine learnings’ and a mere mention is enough to add a market cap to any stock and AMZN was not an exception today. We will see if these gains hold, I am not really a big fan of the US based mega caps and I have shared my reasons several times in last few weeks so I wont repeat here again.
TTD stock was up almost 10% today shared around 62. Some other winners are not listed here.
On the news front, the market just shrugged off a collapse in the GDP. It was expected to come in around 2% but it only came in at 1% or so. Right now the market does not care about slow growth and high inflation as stocks had one of the best days since January today. Market belief firmly right now is FED easing and inflation going to 2% later in the year.