Market review from UTEX – week 9

It was another week that closed in positive, with the SPY and Nasdaq each adding 1% on average. On Wednesday it looked like the correction would hold for the rest of the week, but Nvidia's record-breaking report supported the market.

Meanwhile, Palo Alto Networks' performance disappointed investors, with the stock slipping more than 25%, but Thursday and Friday have already seen a move towards closing the gap.

Bitcoin continues to consolidate above the $50,000 mark, giving the opportunity to both go long and short. 

The earnings season is slowly coming to an end, but the market can still surprise.

This week's top 5 stocks 

Baidu (BIDU). Report on February 28 before the open. China's premier search engine. So far, Chinese stocks have no way to overcome the resistance of sellers. On the other hand, there's no downside either. You can try to buy it for the mid-term, with support at $100.

Salesforce (SRM). Report on February 28th after the close. An enterprise software provider that specializes in customer relationship management (CRM). The company leverages cloud and mobile technologies, the Internet of Things (IoT), and AI. CRM stock is up 80% year-to-date and is near its all-time highs of 2021. Not a bad point to take profits, but we don't recommend shorting before the correction in the market.

Unity Software (U) reports on February 26 after the close. The video game developer's stock has been in a $25–$45 range since May 2022. U is now trading at $31, not far from the $25 support level. Idea for the mid-term.

eBay (EBAY). Report on 27 February after the close. The online auction stock has been in a downtrend since the end of 2021, but there has been a slow move up since the November report. Another mid-term long with a $40 support level.

Workday (WDAY). Report on 26 February after the close. Provider of enterprise cloud-based financial and HR management apps. Last quarter's report was very successful, with shares up 30% in three months and 65% over the year. Usually in WDAY there is always a gap after the report, this stock is for high risk fans.

Good trading everyone!