It’s the first day of May, and earnings are helping drag down the Nasdaq while the Dow and S&P 500 are down just a bit.
Advanced Micro Device (AMD) earnings are helping drag tech down while Amazon (AMZN) is up a bit.
This is the opposite of what I thought would happen, so this is a little bit of proof of how hard it is to trade earnings — and why I generally avoid it altogether…
It’s a crapshoot!I
t’s also a big day for Federal Reserve data, with the latest FOMC minutes at 2 p.m. ET followed by comments from Chair Jerome Powell.
We also have a lot of reports coming today. Unless you like to gamble, I’d stay away from trading around the FOMC minutes because again, it’s a crapshoot.
I generally like to wait at least until 30 minutes after Powell is done speaking.
They’re going to leave rates alone for now, and what he says is what could impact markets. Will he be dovish or hawkish in the face of increasing inflationary pressures.
I think he’ll be somewhat dovish because it’s the first of May and there’s still time to let things play out.
I’ll cover all that and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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P.S. [Members Only] Will I See You Later Today?
While the markets have whipsawed, it’s been largely smooth sailing for members of my top strategies.
We have a near-96% hit rate in my Trading Pit on 164 trades…
A better-than-90% win rate on 11 issued Gap to Green trades…
A near-74% win rate on 66 issued trades in Stealth Surges!
And while we will never make any guarantees — there’s no such thing in trading! — I believe we’re just getting started.
So to celebrate, I’m hosting a one-time, members only meeting at 1 p.m. Eastern today.
We’ll cover the golden thread Matt and I use to succeed in choppy markets, upcoming developments for the rest of the year — there are 3-4 big ones in the hopper! — and a “golden announcement” that I’d like to have 19 traders join me for!
It’s all going down at 1 o’clock…
