WE’RE ON YOUTUBE NOW! See HERE & HERE (Yeah … I’m REALLY excited about this).

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Before you Trade Today: Know the Economic Calendar! Also See This Weeks Most Anticipated Earnings. NEVER BE SURPRISED BY EASILY ANTICIPATED MARKET BREAKING NEWS. That’s our goal here.

PAID SUBSCRIBERS: In the paid section we still have one short play (trading sideways thus far). I have also posted yesterdays insider trades & major earnings results.

NFLX EARNINGS: Netflix $NFLX lost nearly 1 million subscribers when a loss of 2 million was expected. They missed revenue by $60m & beat analyst consensus EPS by $0.26 (Total EPS came in at $3.20). In all, it was a lackluster performance. The stock rallied anyway. In my opinion it shouldn’t have. It will be interesting to see how the stock performs today.

It still seems to me that money managers are looking for excuses to throw money into this crappy market. I still see many fund managers attempting to convince people that valuations are reasonable on financial media. It’s in their interest to do so. I disagree with the overall thesis.

ECONOMIC NEWS: June Housing Starts (Yesterday) were expected to come in at 1.585m. The actual release was 1.559m, offset by strong apartment demand over the reduction in single family homes. That’s lower than where we were at the beginning of the pandemic & a 9 month low. June Building Permits came in at 1.685m (1.65m expected). June Existing Home Sales will be reported Today & are expected to come in at 5.38m. Also lower than we were prior to the pandemic. That’s about all the major market moving news we have for the week. It is my firm belief that the market is rallying on the notion that there is no major surprise market moving economic data to be reported for some time. Even next weeks Fed rate hike & press conference isn’t likely to surprise. Earnings, from what I have seen thus far, are still lackluster.

WORLD MARKETS:

• Stock futures rise following Dow rally, better-than-expected Netflix earnings

• Japan’s Nikkei jumps 2% after rally on Wall Street; China’s benchmark lending rate unchanged

• European stocks head for higher open as U.S. rally lifts global sentiment

RECOMMENDED:

• UK inflation hits new 40-year high of 9.4% as cost-of-living crisis deepens

• EU to ask countries to reduce energy usage as Putin tightens grip on gas supplies

• Netflix earnings weren’t great, but they were good enough for investors

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