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Today is the first trading day of the year 2023, and all markets are open after a long break. Expect some volatility as positioning is underway.


German CPI -0.6%-0.5%
German Unemployment Change15K17K
Spanish Unemployment Change-40.3K-33.5K
Swiss Manufacturing PMI53.053.9
Canadian Manufacturing PMI 49.949.6
US Final Manufacturing PMI46.246.2
US Construction Spending -0.4%-0.3%

Still Optimistic

SPX closed last week’s trading on a bullish note, while the 50% Fibo is still intact, suggesting another push higher ahead. In the meantime, the downside pressure has eased, but even if it resumes for whatever reason, the bullish scenario is still intact as long as SPX continues to trade over 3730s.

Swing Trades

No change on any of our swing trades, including BAC, QQQ, and NKE options in addition to the USDCAD short trade. will keep an eye on the OPEC meeting later today, if you are afraid of losing, set your stop to breakeven.

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