Each week, I’ll give an overview of a stock and Licia Leslie will follow that up with a chart analysis the next day. Bill Griffo will chime in with macro analysis and Andrew Giovinazzi will then finish out the week with a volatility breakdown.

Have a stock YOU want us to review? Email my team here. – Mark

Hey Trader,

The pain trade continues … We have SPY hovering at the highs of all time. 

SPY is the S&P 500 ETF, it is deeply liquid with options that are very active and their trading heavily impacts the price of the ETF. 

Now, Like any index it is incredibly important to know the time frame you are trading because there are so many more influences on its price than any single stock. 

As a macro analyst I view the market in terms of where I think it will go long-term, which for me is 9 to 12 months and short term, which is 1-3 weeks … 

The longer-term is easy for me. I am bearish for 2024 as I think the damage COVID inflicted on the world will continue to have a damaging impact on economic growth and hence stock prices. 

In the short-term investors are giddy over the fact that the Federal Reserve has finished raising interest rates … At that point SPY historically trends higher in price, as it has since October ‘23 … 

Notice the incredible rally in just the past 2-months …