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Good Morning Psychos! ūüėą
– Yesterday we had a volatile session on the back of record inflation readings which came in at 8.5%
– Banks earnings season kicks off, and already they have issued warnings of decreased profits from investment banking due to recent volatility, as well as deal-making revenue decreasing after a record 2021. All eyes on banks for the next two days.
– FED will be pressured in the upcoming May meeting to address the record inflation figures, and also keep in mind its already hinted that quantitative tightening may start as soon as next month.
– BREKAING and just in the Producer Price Index jumped 11.2% the highest increase on record.
– All these factors, indicate pressure to the downside potentially in the medium term.
РHowever, this is outweighed by the arguments that FED has started taking actions, corporate health is basically at all time highs, and things like supply chain issues seem that may be starting to ease soon.
РTwo pharma deals Halozyme buys ATRS Antares for nearly $1billion, and Glaxo GSK buys SRRA Sierra Oncology for $1.9 billion

– Overall leaning bearish today

GAPERS & MOVERS
BCTX
 12 million share float, 3.5 million volume. Announced that FDA has fastrack approved its breast cancer immunotherapy.
DAL Delta Airlines reported earnings and shares are rising. apparently they see Q2 Revenue at 93%-97% of 2019 period. Watch other airlines in sympathy such as AAL UAL SAVE JBLU CPA 

OPTIONS
SPY Main pivot $439.50. Support down $438.50, $437, $435. Resistance above $440.25, $442.
QQQ Main pivot $341. Supports down $340, $338.50, $337, $335. Resistance above $342, $343.30, $344.50.
TSLA Main pivot $985. Supports down $975, 960, $950. Resistance above $996,  $1005, $1015.
NVDA Main Pivot $217. Supports down $216, $213, $210. Resistance above $219, $221.35.
Note weakness on banks across the board JPM C WFC BAC GS a lot report tomorrow morning.

UPGRADES & PRICE TARGET INCREASES
NVDA HUM BAH ACI VRTX

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