Hey, Ross here:
The weekly jobless claims data was released yesterday morning.
The number came in at 233,000 – compared to 250,000 last week, and below the consensus estimate of 240,000.
Like I said, recession fears are likely overblown.
And as today’s chart shows, this has also been reflected in company earnings.
Chart of the Day
Yesterday, I shared a chart showing how most company earnings for the second quarter are still coming in above estimates.
Today’s chart shows whether analysts have been cutting their earnings estimates for the current quarter (i.e. the third quarter).
As you can see, so far, analysts have only cut their earnings estimates by an average of 1.8% – which is in line with the percentage from the past 10 years.
As I said, recession fears are being way overblown.
As we see more companies releasing earnings, I believe this will become clearer and clearer.
If you get too drawn into all the doom and gloom, you’re going to miss out on the opportunities beneath the surface.
Insight of the Day
Many traders act on feelings not facts – and we can take advantage of it.
They “feel” a recession is here – despite what the data says.
They “feel” companies are faltering – even though earnings are still solid.
And they “feel” we’re slipping into a bear market – even though we’re far from 2022 conditions.
These are all things we can take advantage of – especially during earnings season.
And that’s why later this morning at 11 a.m. Eastern…
I’m going LIVE for a special “insider” masterclass to reveal my top earnings season strategy.
I’ll show you how to follow the trades of the people who know the most about the prospects of these individual stocks…
The corporate insiders – high-ranking executives legally permitted to trade their own company stock!
These insiders are better than any Wall Street analyst…
Which is why one stock this strategy pinpointed at the end of July shot up 50% in just 5 days.
So, if you haven’t yet, make sure you click here to lock in your spot for my LIVE insider masterclass later this morning…
Where I’ll show you:
- How to access the database containing the records of all these insider trades…
- The subtle yet dangerous mistakes traders make when trying to follow these insiders…
- And the 3 counterintuitive insider buying signals you must know about.
The login details will be in your inbox shortly.
I’ll see you in a bit at 11 a.m. ET – do try to login early if you can.
Ross Givens
Editor, Stock Surge Daily
