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Is It Time to Fade Tech and Consumer Stocks?

by | Aug 1, 2022

The market is down to start August following its best month since 2020 — and more in Monday’s stock market recap.

We had everything under the kitchen sink thrown at us last week — earnings from some of the biggest companies like Amazon.com Inc. (Nasdaq: AMZN) and Apple Inc. (Nasdaq: AAPL), the latest gross domestic product data, the Federal Reserve’s latest interest rate hike…

Wall Street gave us a lot to digest, but since this week will be more subdued in terms of data, the market will have a chance to stand on its own.

The biggest catalysts this week will be earnings reports, with names like Advanced Micro Devices Inc. (Nasdaq: AMD) reporting on Tuesday, Fortinet Inc. (Nasdaq: FTNT) and Moderna Inc. (Nasdaq: MRNA) on Wednesday, and ConocoPhillips (NYSE: COP) and Kellogg Company (NYSE: K) on Thursday, among others.

Image showing companies reporting earnings for the week of August 1, 2022

In this morning’s stock market recap video, I’ll reveal the biggest threats and opportunities for the week…. why I’m concerned that tech and consumer stocks are overdone… the most probable scenario for energy and defensive stocks… the three most important earnings reports to focus on this week… an update on the global economy… plus I’ll point you to several 20-day breakouts we can fade right now!

Don’t forget to like and subscribe to our YouTube channel if you haven’t already so you can be notified as soon as we post our next video and see what other trade opportunities we’re paying close attention to!

P.S. This New Indicator Is Causing a Big Stir 

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P.P.S. When it comes to trading, every second counts. And in choppy markets like these, often driven by headlines, stocks can make big moves in a flash.

That’s why I want you to get my latest trading ideas and market updates as fast as possible. So I’m rolling out an all-new option for my students to receive trade alerts with Telegram!

Telegram allows me to get trade ideas, videos and watchlists to you in a matter of seconds.

Check out this short article we put together with instructions on how to download telegram and access my private channel. Go here to get the details. 

Stock Market Recap: By the Numbers

This morning’s stock market futures recap:

DOW (mini)

  • Close: 32,845.13.
  • Futures: 32,680.
  • Change: -148.

S&P 500 (mini)

  • Close: 4,130.29.
  • Futures: 4,106.75.
  • Change: -26.75.

NASDAQ (mini)

  • Close: 12,947.98.
  • Futures: 12,901.75.
  • Change: -69.75.

RUSSELL (mini)

  • Close: 1,885.23.
  • Futures: 1,871.8.
  • Change: -13.5.

Note: Updated as of 9:24 a.m. EDT

To kick off the week, each Monday video will outline my weekly outlook and any actionable announcements, news or catalysts I’m watching. I’ll also outline exactly which opportunities I expect to unfold in the coming five trading days, so check out this short video for more information!

Need help understanding some basics that we discuss frequently? Check out some of our educational pieces to help get yourself up to speed! Have a question or a topic you’d like us to explain in a future article? Send your thoughts to support@marketgeeks.com!

Check back each morning for the Roger Scott newsletter and the most important news and numbers in the WealthPress stock market recap.

WRITTEN BY<br>Roger Scott

Roger Scott

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