Daily Market Brief

Wednesday, April 24, 2024

There was a new AST Portfolio Alert issued today. You can see it here.

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In 1969 Creedence Clearwater Revival released “Bad Moon Rising” - which was a bit of an undertone that something was lurking “out there”.

Let me be clear - the markets are in for trouble, I believe, the next 1-2 months, more than I think most are prepared for or care to admit.

Last night I put out this piece: “So Easy a Cavemen Can Do It” - read it if you get a chance.

I’ve been sitting here for 3 days wondering (and asking around to people who are way smarter than I will ever be) what happens to the Yen as we’re above that $150 level and it doesn’t seem like the market thinks they’re going to intervene. Tomorrow, they have their policy meeting where they lay out projections for the rest of the year. I find it hard to believe that they’re not going to step in here soon but I certainly think there’s big trouble ahead.

Given this situation there and what I discussed in that post above.

Again, that’s one/two lens to look at this through.

S&P500: Balanced day, relatively, given earnings. Last nights notes from premium.

S&P Notes - if we print $5080-$5090 that is support so have to look to buy that and if that breaks then $5060s are back in play.

Above the HOD today $5130-$5140 is your target then balance UNLESS - we open up the morning session strong and just squeeze which might happen - really depends on how Tesla opens tomorrow so watch that.

$5128.75 was the print and $5090s stuck. But Meta just brought down the market which creates a new issue for tomorrow which I’ll get into.

The nightly recap and video is inside.