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April 28,2023 - The awaited big tech earnings week is over (only a few left to report) and it was very positive, hence the market rallied. Non-Tech earnings are generally good so far with a full slate of Consumer Based corporate earnings up next week.
And so we return to the upper level of our “Step Up” consolidation pattern (green box) to await a commitment of “big money” to go either higher or traders selling it back down to the lower levels. No recession just yet as the Advanced GNP figure came in at a 1.1% annual growth rate. The economy is slowing but not yet contracting.
The next FED meeting may be the catalyst since earnings are generally ‘good to OK’. We won’t have to wait long . . . . It’s next Wednesday. The markets are expecting a ¼% rise with an indication of a pause in the coming months. The market love “certainty” and haste “uncertainty”; I think investors are just looking for stability at this point.
And so we wait for the FED announcement and watch the earnings reports roll in. Not much else is new with the same old issues still out there. I am lightly invested looking for signs of a defined trend. Have a good week. …………. Tom ………… Price chart by MetaStock; table by www.HighGrowthStock.com. Used with permission.