1/30 Recap

We opened today with UPS down 8% on a pretty terrible quarter where parcels were down over 7% during a record holiday season. It caused a little panic in some names, but I don’t think it’s anything more than Amazon eating their lunch and I think we’re going to see that there is no weakness from Amazon on Thursday. Then we got an analyst note on Apple saying iphone shipments would be down 15% in 2024 and Apple had a negative reaction dragging everything down with it. Apple still remains an excellent company, and the second largest in our markets, but it is facing some serious headwinds regarding growth. This afternoon we will hear from Microsoft, Google, and AMD which will give insights into many things like artificial intelligence, cloud spend and advertising. This will reflect in many other names tomorrow.

The SPY remains in very overbought territory and I think tomorrow you’re going to see a big move one way or another after we get these first big names to report. As long as it remains over the 8 ema, the dark blue line, things are bullish. Below that light blue line, the 21 ema, is when you need to start getting cautious.

Oil had a nice bounce today, rumors are swirling that Biden could authorize an attack on Iran directly. Until we see what happens there, oil remains in a back and forth where it puts in a bearish engulfing yesterday and follows it up with a dip below the 8 ema and a move to the highs of the day today. Very tough asset to trade.

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Today’s Database Link

As always the link below expires at the market open tomorrow, for people in the LIVE portion of the substack, I posted a new month long link in there where you can access it till March 1 in the live discussion area and I pinned it at the top if you can’t find it. As always I will have the rest of the afternoon action posted in the database by this evening.