Pristine Market Analysis & Watchlist 4/26

FRC Bailout?

Team,

Only two more trading sessions left in April! It’s time to finish out strong. No trader left behind!

-Andrew

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Economic Data

Today’s session kicked off with durable goods orders that came in well above expectations! Another data point that flies in the face of the imminent recession narrative

Narrative

The recent market selloff has coincided with the massive earnings whiff and potential collapse of First Republic Bank FRC.

And this is the weirdest part of the whole situation…the only way the deal will go through is if big banks agree to buy the bonds of FRC at a higher price than the bonds are actually worth! This monetary system is a joke.

The stock declined another 29.75%

This remains a news driven market. It will be important to keep tabs on how the FRC situation resolves in the coming days and weeks.

Equity Dashboard

Breadth was weak with only 23.5% advancers. Stocks and treasuries sold off together, and the Nasdaq QQQ finished green largely due to the outstanding performance of MSFT.

We remain long MSFT, and sold some call options on this position into today’s strength.

Post Market Movers

META reported earnings after the bell, and is trading higher in the after hours market

ES_F S&P 500 Price Action Analysis

Despite a stellar performance from MSFT, the S&P 500 was sold throughout the session, and now after META’s report, the index is still not getting any traction. Is it time for a dance with the 50-day SMA?

In the following sections of tonight’s update, I’ll cover my research in preparation for tomorrow’s trading session

✅ Trend Model Update - Our proprietary indicator that informs us on how aggressive/defensive to position in the market

✅Market Strategy - My trading plan

✅ Today’s Trade Blotter and Position Update

✅Daily Watchlist - We scan thousands of stocks and hand-pick the best reward/risk opportunities