Market review from UTEX — week 47

The S&P 500 lost 2%, the Nasdaq over 3% last week. 

Among the movements in large companies, Abbvie fell 17%, Eli Lilly and Company 10% and Broadcom 10%. Finally, Walt Disney shot up 16%. In the past top 5 we recommended taking a closer look at it.

Bitcoin is unstoppable, adding 11% for the week: it is trading at $90,000. XRP jumped 74% over the week, Doge jumped 30%.

The main event of the week is the NVIDIA report, the most valuable company in the world. The results will be released on Wednesday after the market closes. 

The earnings season is coming to a close, with more than 92% of companies in the S&P 500 having already reported their quarterly results. But surprises are still possible. Much depends on the NVDA report, which can both turn the market around and accelerate the correction.

Top 5 stocks to trade this week

Snowflake (SNOW). Report on Nov. 20 after the close. Adobe, AT&T, HP, Mastercard, PepsiCo and Yamaha use Snowflake software to store, process and analyze data. Support has formed since August at $107-$108, as a mid-term idea looks good.

Target (TGT). Report on Nov. 20 before the open. Retail chain. Good support at $140, another mid-term idea.

Copart (CPRT). Report on Nov. 21 after the close. The company organizes online car auctions. The stock is trading near all-time highs of $58.58. On a good report, it could break out and go higher.

Baidu (BIDU) and PDD Holdings (PDD). Report on Nov. 21 before the open. Two Chinese companies. BIDU has strong support at $80, which the price usually bounces off of. PDD on the last report showed high volatility that persisted for 3 days. For those who understand how to trade Chinese stocks.

Palo Alto Networks (PANW). Reported on Nov. 20 after the close. A cybersecurity company. An expensive stock, but could easily go 20 pips either way on the report intraday. We also can't rule out a big gap up. For those who like to trade expensive and volatile stocks.

Have a good trade!