Market review from UTEX — week 36

The market has barely moved over the week: SPY fell 0.04%, Nasdaq 0.27%. 

The most anticipated report was released — NVIDIA exceeded expectations, but investors preferred to take profits at current levels. At the end of the week, the company lost 2% of its capitalization. 

Alibaba Group grew by almost 10% after strong earnings. Among smaller companies, MongoDB grew by +44% and Snowflake by +21%, also after good quarterly results.

The situation on the crypto is worse. Bitcoin lost 3% in seven days. BTC is currently trading at $109,000. Ethereum fell 7% to $4,500.

A shortened week lies ahead: today is Labor Day in the US, and the market is closed. Important unemployment data will be released on Friday.

Not loads of reports, but enough to find something good. The most interesting ones: Salesforce, Figma, Dollar Tree, Broadcom, DocuSign, NIO, Zscaler, and Copart.

Top 5 ideas for trading this week

🔴 Figma (FIG). Report on September 3, after market close. A recent IPO, this platform serves designers, web developers, and marketers. Adobe tried to acquire the company in 2022, but the deal fell through due to antitrust concerns. The first report as a public company is always interesting and unpredictable. Expect potentially high volatility.

🟡 Copart (CPRT). Report on September 4, after market close. An online auction and car remarketing platform. There's decent support around $45. A possible mid-term opportunity if that level holds.

🟡 DocuSign (DOCU). Report on September 4, after market close. The leading e-signature platform in the US and internationally. Another potential mid-term play with strong support between $65 and $67.

🔴 Broadcom (AVGO). Report on September 4, after market close. A major chip developer and manufacturer trading near all-time highs. Back in 2020, the stock was around $25, and now it’s pushing $300. Broadcom firmly sits among the top 10 largest companies by market cap. Surprises and gaps in either direction are possible.

🔴 Lululemon Athletica (LULU). Report on September 4, after market close. Canadian retailer of sportswear, footwear, and accessories. The company lost 44% over the past six months. Often shows strong gaps after earnings. For fans of expensive earnings plays.

Choose what suits you best:

🔴 high risk, for the pros;

🟡 medium risk, for traders with little experience.

Profitable deals!

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