Market review from UTEX – week 15
Bitcoin at $72,000. A new earnings season is ahead. +5 trading ideas
Over the week, the major US indices lost 1% each. The main fall was on Thursday, when Fed member Neel Kashkari said that if inflation does not slow down, he doubts the need for a rate cut this year.
Elon Musk said Tesla will unveil its robotaxi on 8 August.
Bitcoin corrected to $65,000 but held steady and is now trading above $72,000.
Consumer Price Index figures for March will be released on Wednesday.
The new earnings season starts on 12 April, when major banks such as JPMorgan, Citigroup and Wells Fargo will report.
Here is our pick of this week's trading ideas.
Tilray Brands (TLRY). Report on 9 April before the open. The cannabis sector has been starting to revive over the past two weeks. Perhaps the growth in this stock will continue. Alternatives include CGC, ACB.
Delta Air Lines (DAL). Report on 10 April before the open. US airline. Strong resistance level at $50, correction possible.
Fastenal Co. (FAST). Report on 11 April before the open. Shares of the industrial products supplier are up 40% in six months. We advised paying attention to the stock before the last two reports. Now it's better to wait for the report: a gap down is possible.
State Street (STT). Report on 12 April before the opening. The bank lagging the sector. WFC, C and JPM have each added 50% for the year. STT meanwhile is up just 17%. Support level at $70.
CarMax (KMX). Report on 11 April before the open. Used-car retailer. Very strong resistance level at $87 a share. If long, not before $89–$90.
Have a good trade!
