Market review from UTEX – week 46
The market continues to grow, crypto is heating up. Plus five trading ideas!
Nasdaq was stronger than other indices and added almost 3%. Bitcoin tested the $38,000 mark, altcoins also surged – with news coming out that BlackRock has filed for a spot ETH-ETF.
On Wednesday, Joe Biden and Jinping will meet in San Francisco on the sidelines of the Asia-Pacific Economic Cooperation summit. Market participants are waiting for important statements from both sides and hope for the beginning of a thaw in US–China relations. It makes sense to add a few Chinese companies to your Favourites.
Market sentiment is optimistic: the Fed may start cutting rates as early as June 2024, everyone is set for a Santa Claus rally. Earnings season is winding down, we recommend being selective in your trading.
Top 5 ideas to trade this week
Energizer Holdings (ENR). The well-known battery maker will report tomorrow before the markets open. An inexpensive stock that could move well on the reports.
Palo Alto Networks (PANW). The cybersecurity company will report Wednesday after the markets close. Daily is strictly a buy. Some large investor may want to take profits, but shorting is not recommended right now.
Alibaba (BABA) is the Chinese company that owns AliExpress, Taobao.com, Tmall and Alibaba.com. The report will be released on Thursday before the markets open, when the results of the US and Chinese leaders meeting will already be known. Strongest support at $80; anything above is a buy.
Target (TGT). The US retail chain has lost 30% of its capitalisation in six months. Not bad levels for mid-term buying right now. Report on 15 November before the open.
Advance Auto Parts (AAP). The US auto parts supplier will report on Wednesday before the markets open. The company was a safe haven in the 2008 mortgage crisis, hit highs during COVID-19, but the stock has fallen from $240 to $50 over the past two years. Support level is $50, the stock is traditionally volatile on reports.
Good trading, everyone!
