Good Set-Up This Morning

July 5, 2023
Author: Peter Stolcers, Founder of OneOption

This gap down will provide us with an opportunity to join the trend at a good price.

PRE-OPEN MARKET COMMENTS WEDNESDAY – After a long holiday weekend, let’s start with a recap of the news from last week. Durable goods orders were better than expected (1.7%) and the third estimate of Q1 GDP came in at 2% (vs 1.3%). Initial jobless claims dropped to 239K.  Powell still believes that a soft landing is possible and the Fed is leaving the door open for more rate hikes. Central bankers were generally hawkish at a summit last week. China’s manufacturing PMI came in soft at 49.0 as expected.

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