EB Daily Market Report - Thursday, February 16, 2023

Dear Members.

Today will be a brief report as Tom Bowley prepares for tonight's "Top 10 Stock Picks" webinar where he will unveil the top 10 picks for the next quarter in our three portfolios, 30 stocks in all. This event is exclusively for our full service members and you will receive room instructions prior to the 5:30 pm EST start. If you are currently a Max Pain only member and would like to consider upgrading your account to join tonight's event, just send a message to [email protected] and someone will get back to you.

The action in the market for the past two sessions is what one might expect with monthly options expiring tomorrow. I would expect this to continue right into tomorrow's close as Market Makers do their best to inflict max pain on as many options traders as possible.

One thing that caught my attention today was the S&P getting within a few points of its 20 day moving average, currently at 4084, before bouncing. So far it has held but a move below that level could result in additional selling.

If the bulls are looking for some good news it would be that the market has hung in pretty well considering today's economic data showing a hotter inflation picture than anticipated. In fact, I noticed the VIX spiked to 20 before settling down back below 19 as traders calmed down after the initial negative pre-market reaction to the economic data. We're also seeing some significant moves to the upside on a number of very visible tech stocks that reported earnings, the same stocks that got crushed over the past year plus. In other words, very bullish behavior.

That's it for today and Tom will be back with a full report tomorrow.

At your service,

John Hopkins