Tuesday Market Wrap and Must Reads

  The only way to end your day   💻Tech rises, markets fall Major tech stocks led the Nadaq-100 ETF (QQQ) higher while the rest of the market faltered. The S&P 500 ETF (SPY) fell 0.67%, with the small-cap focused Russell 2000 ETF (IWM) fell 1.46%. Stocks had chopped around a lower range during most of the day, however, late day news regarding U.S. President Joe Biden cutting his international trip short given the delicate state of the debt ceiling negotiations sent markets decidedly lower. Home Depot (HD) earnings came in below expectations, with the company reporting the single worst revenue miss in 20 years. In addition, retail sales grew only 0.4% on a month-over-month basis, half of the 0.8% in sales growth that economists expected. 🏠Homebuilder sentiment turns positive Homebuilders are currently getting a boost from the lack of existing homes for sale, and that appears to be bolstering the sector despite challenges from financial markets. According to the National Association of Home Builders, builder confidence in the market for newly built single-family homes rose 5 points in May, marking the fifth straight month in gains. With mortgage rates currently double what they were only a year and a half ago, potential sellers appear to be more willing to sit in existing homes rather than take on a higher rate in a new one. Money Morning LIVE Quantitative Analyst Chris Johnson has been targeting the iShares Home Construction ETF (ITB) for a bullish trade for weeks. Tomorrow on the morning show, CJ will break down the sector and how traders can profit. [Be there.]( 🛢️ Alternative Investments Fall West Texas Intermediate (WTI) oil contracts dropped 0.8%, while natural gas fell 0.5%. Bitcoin (BTC) fell 0.72% while Ethereum (ETH) added 0.2%. Gold fell 1.46%, closing at $1993.20. 👀 Looking ahead After retail sales numbers came in lower than expected - as well as HD's earnings - investors will receive an even deeper look at the state of the retail sector, as Target (TGT) and TJ Maxx (TJX) report before the opening bell. In terms of economic data, Wednesday brings Housing Starts and Building Permits, which will absolutely impact the housing sector - including CJ's beloved ITB. You know where you can find analysis of earnings report, economic data, premarket movers and more? [Money Morning LIVE, starting at 830 AM ET. Be there!]( 📊 Earnings on deck Wednesday before market open: Target (TGT), TJ Maxx (TJX) Jack in the Box (JACK) Tuesday after market close: Docusign (COS), Keysight (KEYS), Star Bulk (SBLK) Today's leading sectors: Technology (XLK +0.11%) Today's lagging sectors: Biotech (XBI -2.88%), Real Estate (XLRE -2.67%)   Must Reads     Knowledge Bomb: Stocks go back to previous levels of support Commit this phrase to memory: “Stocks tend to go back to previous levels of support and resistance.” The only thing that you need to be looking at as a day trader is price. We don’t care about anything else. [And one of the best things to look for is when a stock holds a certain level of support or resistance.]( [Continue Reading](     Soaring Profits and High Dividends Make This Energy Stock a Must-Buy Anyone who’s been following me for a while knows that I’m hot on traditional energy, both as a trading vehicle and an investing staple. Rising demand coupled with rapid shifts in global supply have created amazing opportunities in this space, and we’re decades away from the renewable future. That means for now, oil and gas are still king. [For long-term energy plays, my rubric is pretty simple...]( [Continue Reading](     [”The Biggest Trade of 2023.”]( It’s only happened two times in U.S. financial history, and within the next 30 days, Tom Gentile believes it’ll begin again: a commodities supercycle that will triple gold, 5X silver, and 10X dozens of exploration plays across the country. Join Tom and Brien Lundin for the full profit plan (including three hand-selected miners from Brien himself…) [See it now!](     This New AI Asset Could Transform a $300 Billion Entertainment Behometh Here’s a trivia question: Which entertainment industry sector makes the most money worldwide? I’ll give you a hint… …it’s not movies… …and it’s not music. [The answer pulls in more revenue than movies and music combined...]( [Continue Reading](     This Large-Cap Tech Stock’s Poised to Rally At Least 10% 8Baller and I covered this chart late last week, and it looks coverage worthy again, as the SPDR S&P Biotech ETF (XBI) is preparing to break to the top of its recent range with a move above $88. The biotech sector has been the strongest-performing widely traded ETF over the last month, gaining 11.5% against the Invesco QQQ Trust Series 1’s (QQQ) 1.8% return for the same month. [That’s not a typo – biotech has been tearing it up!]( [Continue Reading](     [Real Testimonials from Real Traders]( Business owners, teachers, police officers, farmers - we’ve got messages from everyday Americans trading Kenny Glick’s Private Bull Market, and they’re telling us about rare, moonshot gains ranging from 300% to 1,073% in a day. [See their stories here.](     Take This Opportunity While AMZN has Cheap Volatility We have a wild week in store for all options traders – and one massive opportunity in AMZN that we haven’t seen in a year… This Friday is expiration Friday – the date many options expire – so volatility is bound to affect stock movement this week. This is a crucial date for options traders and can have implications for the underlying asset’s price and market dynamics. [I’ve pulled up my cheap options scanner and I have a list of stocks that are on my radar.]( [Continue Reading](   We’d love to hear from you! There’s nothing more that we value than hearing from our loyal Money Morning LIVE audience! (Especially hearing how much you LOVE the content you receive from Trading Today or [how amazing I was on Warlock's World]( So whatever your pleasure - whether it’s [Twitter]( [Instagram]( [TikTok]( or [Facebook]( - give us a like, a follow, or leave us a comment (or an emoji 💸)! 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