The jobs number was out at 8:30 and unemployment is at 3.4% while wages increased 0.5% M/M vs 0.3% expected.  Look for market weakness to continue today, we may get a chance to short this market depending on how the open looks and how it trades with volume. 4,116 is the .382 retracement in the ES, and the 4,150 area is the .618 of this week's move lower in the market.  As long as wages are running hot it is going to be very difficult for inflation to get anywhere near 2%. The market is marginally higher right now after...

The S&P is back above 4,100 this morning as we get a pop on decent Meta earnings last night after the bell.  This market looks weak on what has been pretty spectacular tech earnings so far this week. We get AMZN, SNAP, and INTC tonight after the close, among others. We will look to get short this market after the open if this bounce holds. Stay tuned for updates!

Rocket041723   Rocket Equities & Options Report By Tommy O’Brien April 17, 2023   The SPY is up more than 9% from the lows of March 13th to last Friday’s high. That’s a remarkable acceleration that’s been brought about by some form of a crisis and tightening in banking. We are still a long way from 2% inflation, and the market is really ahead of itself that we are going to get a full percentage point of cuts this year. Now, earnings come into focus. Some of the regional banks are getting hammered today on their numbers. STT (State Street)...

It looks like we could have waited for the .618 retracement of the larger move, or even higher, as this market is relentlessly pushing to the upside, yet I still see many technical and fundamental factors keeping the pressure to the downside. We will hold our $409 SPY put for now and see how the day trades. Markets are higher again coming into the morning. CPI is out tomorrow morning. PPI is out Thursday morning. And then banks kick off earnings season Friday. 

We are going short this market with a SPY put which expires Friday. Banks kick off the earnings season Friday with JPM, C, WFC, among others. We are right at an area of short term confluence in the ES at the 4,127 area. Buy the SPY 409 Put that expires Friday April 14th - it is trading at about $3.15 right now with the SPY trading at $408.70.  This is a high risk trade, only risk what you can afford to lose. Our max loss is what we put up for the option, about $315 per contract.  We may hold through...