Daily Market Brief

Monday May 20, 2024

$5348s failed today on SP500 futures after a push into that zone in the first 30 - not something you want to see on a day where we reverse off the highs and coming off 4-5 days of light market rally but that doesn’t mean there’s a change in the tone.

But, the lack of buying post-European close means we likely check back a bit tomorrow and with Fed speakers and Fed Minutes and NVDA 0.00%↑ Friday it would be good to refresh the tape.

NFLX - They did a great job of cracking down on password sharing which has helped profits and the stock has just floated higher this year and it’s been in The Momentum Monitor as a staple but this week got it’s own highlight.

$644s printed which is good enough for a move like that intraday — I did’t see any magical dark pool orders or call sweepers to tell me to buy it but I plan to keep looking hard because the way that companies move higher and lower are through people betting on options, not an actual balance sheet, supply/demand from buyers and sellers and of course an upgrade from the boys at Wedbush helps.

That’s sarcasm but the point I’m making is that The Momentum Monitor, Swing Monitor, and Special Situations Monitor in the report don’t rely on any of that to develop long/short ideas.

Moving on….

FCX - This made another high today and this has been an AST Alert in the Swing Portfolio; taken from the Swing Monitor in the report. Tailwinds will continue to drive this higher and again the need to look at call-sweeps or much else is just not required, in my view - but again, markets are perception and how you perceive something makes all the difference I suppose.