Market review from UTEX – week 6

On Friday, the markets closed up +1% again. The event of the week was the fantastic Meta report, which saw the company add 20% to its capitalisation.

As expected, the Fed left rates unchanged. Powell made it clear that he has no plans for a downgrade in March. He also noted that there is progress on inflation, but it's important to make sure it gets to the target 2%.

Bitcoin is consolidating at $42,000–$43,500. It is still unclear where it will move out of this range.

No significant economic data is expected this week. The earnings season continues, almost half of the companies have published their results. There will be a lot of work to do, so don't slack off!

Top 5 stocks this week 

Palantir (PLTR). Report on 5 February after the close. The company develops software for analysing big data. A strong $16 support level has formed in the stock. Anything above that is strictly long.

Eli Lilly & Co (LLY). Report on 6 February before the open. A major U.S. pharmaceutical company in the top 10 in market capitalisation. The stock has doubled in price over the year. Profit taking is likely.

Alibaba (BABA). Report on 7 February before the open. Chinese stocks recorded the largest 4-week inflow of capital in history. Shares of the Taobao and AliExpress owner have been slow to rise so far. It may be worth picking up a mid-term position in parts.

Arm Holding (ARM). Report on 7 February after the close. British chip developer that had the largest IPO of 2023. The support level is around $65. We remain optimistic about ARM's prospects, targeting $100 per share.

Uber (UBER). Report on 7 February before the open. The ride-hailing company's stock is up 116% for the year. Profit taking is possible on the day of the report, but in the mid-term, Uber is a good choice to add to a portfolio.

Profitable trades!