Prime Playbook
April 21, 2024 Volume 33 "Market Meltdown Edition"
A Spoonful of Fuckery Helps the Market Go Down
SMCI 0.00%↑ takes the lion’s share of the blame for Friday’s absurd selloff. They didn’t pre-report their earnings, so some (paid off) analyst wrote a hit piece and the market collectively had a blow out in it’s already filled to the brim Depends.
I’m sure some got wrecked and some made out like bandits (Friday’s Bonus Picks had 9 winners alone!). When volatility is whack it’s also perfectly ok to just sit out and wait for the storm to end.
We have a packed week ahead, with earnings back in FULL swing (calendar at end). We have major economic reports all week long, with most eyes fixed on the GDP numbers Thursday and PCE on Friday. However, we get one piece of good news before we start the week: FEDS ARE IN BLACKOUT MODE!! We won’t have to hear anything out of them until next week. I will say that Yellen likes to show her face a LOT more during this time period, so just know that curveball is out there.
Continued threat of middle east conflict will be part of the ongoing narrative, along with continued speculation about the suddenly bearish narrative on rate hikes.
Today’s stack is packed, so take the time to get to the end. You know it is ALWAYS worth it! Be smart and have a great start to the week tomorrow!
PS: 6000% trade potential inside today’s edition!
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ANF
ANF 0.00%↑ daily falling wedge. If you’ve been a subscriber for awhile, you know that falling wedge setups are one of my absolute favorites. ANF is coming in on a retest of the prior breakout level.
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