Pull Back Coverage 4/17/24

 

April 16, 2024

 

        The stock market has been firing on all cylinders since last week. The volatility is attributable to geopolitical risks in the Middle East. Last week, Iran fired on Israel - https://www.timesofisrael.com/liveblog-april-13-2024/

              The U.S. stock market has entered earnings reports, and the bank sectors—GS, BAC, and WFC—started reporting late last week. The price reaction has been biased toward selling.

The U.S. indices had a stellar performance2023:  

https://www.morningstar.com/markets/15-charts-surprise-everything-rally-2023

The Bullish Stocks - March 2024

The US stock market continues its bull run, with several stocks experiencing full technical breakouts or poised for such breakouts.

The Housing Related Stocks:

The Dow Jones Industrials Stocks 

MU entering the AI /Microchip rally

The Earnings Winner & the AI Record Highs - January 29 - February 9, 2024 - Stock Market Recap

1 Timothy 1:5 Now the end of the a commandment is charity out of a pure heart, and of a good conscience, and of faith unfeigned:

February 7, 2024

 

It is another record high week for the AI chip's maker NVDA & SMCI.

The Mighty Magnificent Members Blowout Earnings Reaction:

Meta Q4 '23 earnings reaction

AMZN Q4 '23 earnings report

Stock Market Recap - January 16- 19,2024

 

3 Nephi 15:9  Behold, I am the ^alaw, and the ^blight. Look unto me, and endure to the end, and ye shall ^clive; for unto him that ^dendureth to the end will I give eternal life. 3 Nephi

January 19, 2024

It is a record-high Friday for the US major benchmarks.

• SPY +.89%  DIA +.56%  QQQ +1.42%

52-week highs for some mega technology stocks:

• GOOGLE +2.02%  META +1.95%  NVDA +4.17%
• MELI +3.86%

January 18, 2024

The U.S. equities from 2 days' losses, AAPL +3.26% rallied on the BOFA upgrade citing strong demand for its upcoming launch of Vision Pro whose debut has been delayed to March as AAPL cites strong demand for the product.  AAPL weighs 7.03% of the S&P 500 index, hence the market is sensitive to AAPL stock price reaction.  

US Macro News:  US Weekly Jobless Claims and Housing permits

• Weekly jobless claims fall 16,000 to 187,000
• Continuing claims drop 26,000 to 1.806 million
• Single-family housing starts decline 8.6% in December
• Single-family building permits increase 1.7%

The AI bull momentum continues as TSM +9.79% rallied on a strong earning report citing 20% growth this year because of AI high-end chips.

Stock Market Recap - January 8- 12, 2024

 1 Corinthian 9:25  And every man that striveth for the mastery is temperate in all things. Now they do it to obtain a corruptible crown; but we an incorruptible.

January 12, 2024

Notable Earnings Reported:

• C +1.04%
• BAC -1.06%,  WFC -3.34%,  JPM -.73% (from green to red reaction, share price at record high) 

Stocks that are in Record or 52 Weeks High:

• REGN,  LLY,  GSK,  COST,  MSFT,  META,  MELI,  JPM

January 11, 2024

The stock market is back in a "hangover" mode, following massive gains in 2023.  The US major indexes tepidly move.

• SPY -.04%
• DIA  +.06%
• QQQ +.21%

Macro News:   December CPI & Weekly Initial Jobless Claims

• Consumer price index rises 0.3% in December
• Shelter accounts for more than half of rise in CPI
• CPI increases 3.4% on year-on-year basis
• Core CPI gains 0.3%; up 3.9% on year-on-year basis
• Weekly jobless claims fall 1,000 to 202,000

Stocks Trading at 52 weeks high:

Stocks on Downtrend: 

• Post-SEC approval of GBTCas Bitcoin spot ETF, the cryptos blockchain-related stocks have exhibited "sell- the news reaction" such as MSTR, MARA, RIOT, & MSTR.
• The EV sectors have been in a sell signal since the beginning of 2024, with weakness attributable to the loss of TAX- credit.

January 10, 2024

The U.S. equities bounce back from yesterday's mild sell-off, and the notable sector leader is once again the Technology stocks led by: 

• META +3.65%   NVDA +2.28%  AMZN +1.56%

Market Movers:

SEC approves GBTC as Bitcoin spot ETF

PANW & MELI breakout

January 9, 2024

The equity market slid back to red territory following yesterday's bounce.

• SPY -.15%
• DIA -.44%
• QQQ  +.20%

Market Movers:

January 8, 2024

The U.S. equities snap from a losing streak since the beginning of the trading year.

• DIA +.59%
• QQQ +2.07%
• SPY +1.43%

Today, an FOMC Member - Atlanta's Federal Reserve President Bostic reiterates in his talk that the Central Banks inflation target remains above their 2% target and that he is biased towards a tighter monetary policy.  Federal Reserve President Bostic

Notable Mover:

• NVDA +6.43% or at 522.53 a new record high as it unveils 3 new desktop graphic chips NVDA unveils 3 chips CES 2024

Stock Market Recap- January 2- 5, 2024.

      Isaiah 46:4 And even to your old age I am he; and even to hoar hairs will I carry you: I have made, and I will bear; even I will carry, and will deliver you.

January 5, 2024

Macro News:  US Bureau of Labor Statistics- NFP

• US December NFP (Non-Farm Payrolls) - 216k vs: 170k expectations;
• However, November NFP was revised lower to173k from 199k;
• The month of October was revised lower as well to 105k from 150k;
• The total summation - employment for October and November are 71k lower than previously reported.

January 4, 2024

It is another red day in US equities, as they continue to digest the massive gain in 2023.  The market sell-off is burning the overbought reading on the stock technicals chart.

Macro News:  Weekly Jobless Claims

• Weekly jobless claims fall 18,000 to 202,000
• Continuing claims drop 31,000 to 1.855 million
• Private payrolls increase by 164,000 in December

Here's the QQQ: note that it has gained +43% in 2023.

Market Movers:

QS solid-state cell EV battery exceeded battery endurance

AXSM reports Prelim- Q4 '23 earnings & 2024 anticipated milestones

January 3, 2024

Here is the market recap for the trading year of 2023.  2023 Stock Performance

• SPY  +24.2%
• DIA +13%
• QQQ +43%

The poster child for the QQQ or tech rally is NVDA +239% rally in 2023 hyped by Artificial Intelligence emergence. 

Here's a look at QQQ in the last 2 days.

The QQQ has lost the 20-day 

moving average technical support.

In the stock market, there is always a sector performer and underperformer.  While the technology stock is experiencing pullback, Mega Pharmaceuticals is exhibiting strength.