Market review from UTEX – week 4
Chipmakers are pushing the market up. Here are 5 trading ideas!
Last week, the SPY rose another 1% and the Nasdaq almost 3% thanks to chipmakers NVDA and AMD, whose shares added 8.5% and 17.5% respectively. According to analysts, it is high-tech companies that will be the growth driver in 2024. If your strategy is based on long positions, focus on stocks that trade on the Nasdaq.
Bitcoin was down as low as $40,300 on Friday but bounced back and has held the important $40,000 level for now. Since the approval of spot ETFs and the jump to $49,000 so far we are seeing a downtrend and correction.
Friday will see the release of inflation data and pending sales in the US property market. There are a lot of reports coming out in the next two weeks. Time to increase your limits and focus on trading!
Please note, trading at the open is high risk, it requires a lot of experience. Be careful that your total balance does not fall below the liquidation threshold in the first half hour of the market.
Top 5 stocks this week
Tesla (TSLA). The report is on 24 January after the close. The company is trading 44% below its all-time highs of November 2021. Expect surprises from Elon Musk; support is at the $195-$200 level.
Intel (INTC). The report is on 25 January after the close. The long-suffering stock over the past year has finally broken out of its downtrend. Strictly long, great for the mid-term.
Netflix (NFLX). The report is on 23 January after the close. For the past 2-3 years, analysts have been burying this company. However, the stock has been in an uptrend since May 2022, with the price up 2.5 times. For now, it's best to stay on the sidelines and observe. High probability of profit taking.
ASML Holding (ASML). The report is on 24 January before the open. This Dutch company is practically a monopolist in production of lithographic equipment, which is necessary for microchips making. Now strictly long, there is a good chance to reach $1,000 per share.
Visa (V). The report is on 25 January after the close. The payment system's stock broke through its all-time highs back in December and has risen another 10% since then. It's a great point to take profits. Be careful with long positions.
Have a profitable trading week!
