The consumer is not dead yet

BY ANDREW GIOVINAZZI

August 28, 2024

Yo Pit Crazies,

 

If you want to learn how to trade the Yield Zone, check out Mark and Hannah here.


One of my back from dead stocks is Portillos Inc (Ticker: PTLO).  We had the biggest back from the dead candle we have had in a while.  They had a decent earnings report this August and it appears they have stopped the equity dilutions issuing more stock.  But mostly this is a slightly higher up the food chain ticket.  The big difference is McDonald’s is too now.  Have you fed a family of 5 at Mickey D’s lately?  PTLO > MCD and it is not even close.

Another stock doing well just recently is JW Nordstrom’s Inc (Ticker: JWN).  They reported on Tuesday night and had a nice little pop.  They crushed their earnings number.

JWN is a higher up the value chain retailer and it is doing ok too.  They are not the only retailer reporting good numbers.  Many of them have which in general is pretty bullish.  

 

Why Is the market pricing a dump?


The S&P 500 ETF (Ticker: SPY) is only 1.5% away from where it was two weeks ago.  We had a short swoon going into the Jackson Hole comments from Fed Chair Powell last week but really stocks have not done all that much.  It seems we are waiting for a shoe to drop that is not going to drop.

That shoe is likely to be Nvidia Corp (Ticker: NVDA) earnings this evening.  If they are just ok SPY might not do much but it will be hard to keep volatility up.  It is even possible that VIX moves more than NVDA!

 

That would be grand for the Trading Desk!  Let’s see it.

 

To Your Trading Success,

 

AG

Andrew Giovinazzi

30-Year Trading Pro

pit profits

See what's hot at option pit

CAPITOL GAINS: SMR Aug16 7 call closed for a 150% gain

DELTA STRIKE: VLY Mar15 8 puts closed for a 88% gain

PFE May17 26 calls closed for a 66% win

OP MENTORING: SPY Mar22/19 510 put calendars and 520 calls for 6.4% gain

OPTION SHOPPER: ERX Mar28 65 calls closed for a 90% gain

Andrew Giovinazzi

Andrew Giovinazzi

Share This Article

About the Author

Andrew Giovinazzi

Andrew Giovinazzi

Former CBOE floor trader and CIO at Karman Line Capital. Author of ‘The Option Traders Hedge Fund’ with over 30 years of options trading experience.

Popular Posts

Categories

Stay Updated

Subscribe to our newsletter for daily trading insights

Upcoming Events

FOMC Meeting

2:00 PM EST

Earnings Season Begins

Pre-market

Options Expiration

Market Close

NFP Report

8:30 AM EST