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Wall Street Drifts After Tepid Report On Economy
By: Barchart | June 5, 2023
NEW YORK (AP) — U.S. stocks are drifting Monday to begin what could be a quiet stretch following their best week since March.
The S&P 500 edged up 0.3% in morning trading. The Dow Jones Industrial Average was down 61 points, or 0.2%, at 33,705, as of 12:31 p.m. Eastern time, while the Nasdaq composite was 0.6 higher.
The indexes were listless after a report showed businesses in the accommodation, construction and other U.S. services industries grew in May for a fifth straight month, though by less than economists expected. It's the latest mixed reading on the U.S. economy, which has begun to slow under the weight of higher interest rates but has defied forecasts for a recession so far.
Stocks were roughly split between gainers and losers in the S&P 500. A gain for market heavyweight Apple helped lift Wall Street. It rose 1.7% ahead of an event where it's expected to unveil a long-rumored headset that will place its users between the virtual and real world,
In the oil market, crude gained after Saudi Arabia said it would cut back production in hopes of boosting its price. A barrel of U.S. crude rose 1.5% to $72.84, and a barrel of Brent crude, which is the international standard, climbed 1.6% to $77.36.
Both were close to $120 a year ago, and their prices have fallen on worries that a strapped global economy would burn less fuel.
Elsewhere, Wall Street was relatively quiet. This upcoming week is light on earnings reports and top-tier economic data. That leaves few clues for the dominant question hanging over the market: Which will come first, the economy falling into a recession or inflation easing enough for the Federal Reserve to cut interest rates?
That’s why much attention is on next week, when the government will release the latest monthly updates on inflation at the consumer and wholesale levels. It’s also when the Fed will meet next on interest rate policy. Traders are largely betting that it will stand pat on rates, which would mark the first meeting where it hasn’t hiked in more than a year.
The bet on Wall Street, though, is that it could resume hiking rates in July. The reason for such a pause would be to give the Fed time to assess its furious pace of rate hikes over the last year.
The goal of high rates is to lower inflation by slowing the entire economy and dragging down prices for stocks, bonds and other investments. With rates at their highest level since 2007, several high-profile U.S. bank failures since March have already shaken the market, while the manufacturing industry has been contracting for months.
The job market, though, has managed to remain remarkably solid despite them. That's helped U.S. households continue to spend, which has kept the economy out of a recession. Last week, data showed that U.S. employers unexpectedly accelerated their hiring in May, while increases in workers' wages slowed to keep some pressure off inflation.
Despite all the uncertainty about the economy, Wall Street remains on the the edge of what’s called a “bull market” following weeks of gains.
The S&P 500 is sitting just above 4,290, and if it finishes the day above 4,292.44, it will be more than 20% above where it was in mid-October. That would mean Wall Street’s main measure of health has transformed from its frigid “bear market,” when it fell more than 20% over nine months, into a powerful bull.
In the bond market, the yield on the 10-year Treasury fell to 3.69% from 3.70% late Friday.
The two-year Treasury, which moves more on expectations for the Fed, dropped to 4.49% from 4.51%. It had been higher earlier in the morning, before the weaker-than-expected report on the U.S. services industries.
In stock markets abroad, indexes were mostly lower in Europe. Japan's Nikkei 225 jumped 2.2%, while gains in other Asian markets were more modest.
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Hedge Funds continue to bet against the S&P 500
By: Barchart | June 5, 2023
• Hedge Funds continue to bet against the S&P 500.
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Earnings Previews: Campbell Soup, Stitch Fix
By: 24/7 Wall St. | June 5, 2023
• Here is a look at a couple of companies reporting quarterly results in the coming days and what to expect from each report.
Stitch Fix
Stitch Fix Inc. (NASDAQ: SFIX) is scheduled to report its most recent quarterly results after the markets close on Tuesday. For the fiscal third quarter, analysts are calling for a net loss of $0.30 per share and $388.94 million in revenue. This compares to the same period of last year, which saw a net loss of $0.72 per share on $492.94 million in revenue.
Analysts are largely on the sidelines about Stitch Fix, with most holding Neutral or Underweight ratings for the stock. This is in part reflected by the stock’s short interest, which was roughly 13 million as of the most recent settlement date. With an average of 2.5 million shares being traded daily, it would take just over five days to cover all short positions.
Over the past 52 weeks, the stock is down just over 56%. However, year to date, the stock is actually up closer to 23%.
Stitch Fix stock was last seen trading down about 2% at $3.84, in a 52-week trading range of $2.63 to $9.13. It has a consensus price target of $4.45, implying upside of 13% from the most recent closing price of $3.93.
Campbell Soup
Campbell Soup Co. (NYSE: CPB) is set to report its fiscal third-quarter results before the markets open on Wednesday. Analysts anticipate $0.65 in earnings per share (EPS) on $2.24 billion in revenue. In the same period of last year, it reported $0.70 in EPS on $2.13 billion in revenue.
This is another stock that analysts are somewhat undecided on. On the one hand, it offers a broad portfolio of products that are capable of standing up to this inflationary environment and even stagnation. The dividend offers a solid backdrop as well for holding over time. However, the question most investors pursue when looking at stocks is the potential upside. Campbell Soup does not have much to offer as a consumer defensive stock.
he past 52 weeks, the stock is up nearly 14%. However, year to date the stock is down close to 8%.
Campbell Soup stock traded up less than 1% on Monday morning, at just under $52 per share. It has a 52-week range of $44.37 to $57.78 and a consensus price target of $53.13, which implies upside of 3% from the most recent close at $51.47. The stock also offers a dividend yield of roughly 3%.
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Regional Banking $KRE PUT TWRITING in to this weeks 06/09 $40.50 PUTS at the BID
By: FLOWrensics | June 5, 2023
• $KRE PU TWRITING in to this weeks 06/09 $40.50 PUTS at the BID
Top holdings: $NYCB $MTB $RF $TFC $HBAN $CFG $EWBR $CFR $WAL $ZION $WBS
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S&P +.10%
NAZ +.50%
DOW -.40%
AAPL $4.1 Million Put • Strike: 170 • Expiration: 1/19/24
By: Cheddar Flow | June 5, 2023
• $AAPL $4.1M OTM Put
Strike: 170
Expiration: 1/19/24
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TSLA **SIZE** $13.0 Million Put • Strike: 160 • Expiration: 12/19/25
By: Cheddar Flow | June 5, 2023
• $TSLA $13.0M OTM Put
Strike: 160
Expiration: 12/19/25
*Above the Ask*
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Gold Markets Continue to Show Stability
By: Christopher Lewis | June 5, 2023
• Gold markets initially fell on Monday, but found support in the same general vicinity that we have seen for several weeks now. Because of this, it’s very likely that we will see more of a “buy on the dip” mentality.
Gold Market Technical Analysis
Gold continues to be very noisy, initially dipping during the trading session on Monday, only to find buyers just above the $1960 level yet again. Because of this, I think it’s probably only a matter of time before we see value hunters banking and trying to pick up the dip. If we were to break down below the $1950 level, then we could see this market attempt to go down to the 61.8% Fibonacci level, an area that obviously would attract a lot of attention. After that, it opens up a move down to the 200-Day EMA, currently sitting just below the $1900 level.
All things being equal, it does make a certain amount of sense that gold continues to shine, as traders are trying to protect the wealth at this point. There are a lot of crosswinds right now that could cause issues, so I do think that gold will eventually end up taking off yet again. In times of uncertainty, it provides the stability for portfolios that so many people are looking for right now. If we can break above the $2000 level, I suspect at that point we would have a resumption of the massive uptrend, allowing gold to reach the $2100 region again, an area that had been significant resistance.
Ultimately, I don’t have any interest in selling gold, at least not at the moment. There are so many concerns out there that it does make a lot of sense that you would see gold be a favored vehicle for wealth preservation at the moment, but I also recognize that it is probably only a matter of time before rallies get pullbacks, as there are so many different moving pieces at the same time. If interest rates start to spike again, that could work against gold, and right now that would be the one concern I would have. That being said, I don’t think it’s a major issue at the moment, therefore I continue to look at these little bits as buying opportunities, and I suspect that a lot of bigger traders are out there building positions right now, in order to take advantage of a longer-term trend.
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Bull Signal Says Bet on MGM Resorts Stocks
By: Schaeffer's Investment Research | June 5, 2023
• MGM Resorts stock pulled back to a historically bullish trendline
• The casino giant reported earnings on Monday, May 1
Casino stock MGM Resorts International (NYSE:MGM) turned in a marginal loss last week, falling below the $39 level after scoring just one winning session over the last four days. The equity is down more than 8% this quarter, and fractionally lower today. However, a bull signal is flashing on the charts that could help MGM take back some of these recent losses.
Specifically, MGM is trading within one standard deviation of its 160-day moving average. According to data from Schaeffer's Senior Quantitative Analyst Rocky White, four similar signals occurred over the past three years, and the stock finished higher each time, with an average 10.3% one-month gain. From its current perch at $40.66, a similar move would put MGM Resorts stock at roughly $44.85 – a chip-shot away from its post-earning May 1, year-to-date high.
An unwinding of pessimism in the options pits could create additional tailwinds. MGM's Schaeffer's put/call open interest ratio (SOIR) of 1.30 stands in the 96th percentile of readings from the past year, which indicates a put-bias amongst short-term options traders.
Those looking to bet on a shift in sentiment with options. MGM Resorts stock is seeing attractively priced premiums at the moment, per its Schaeffer's Volatility Index (SVI) of 33%, which sits in the 14th percentile of its annual range -- an indicator of low volatility expectations.
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Apple (AAPL) Stock Scores Record High as WWDC Buzz Builds
By: Schaeffer's Investment Research | June 5, 2023
• AAPL options bulls are chiming in ahead of WWDC
• Apple stock has been on a tear all year
Apple Inc (NASDAQ:AAPL) is up 1.4% to trade at $183.51 at last check, and earlier hit a record high of $183.80, as the tech giant's Worldwide Developers Conference kicks off in California. The company is expected to announce several software upgrades, in addition to a mixed-reality headset that will compete with Meta Platform's (META) technology.
Support at their 20-day moving average has been guiding shares higher for the past several months. With today's gain, Apple stock is now up 39.3% so far in 2023, and on track for its seventh gain in eight trading sessions.
While most analysts rate AAPL a "buy" or better, the stock's 12-month consensus target price of $181.69 is a 1% discount to current levels, which indicates price-target hikes could be coming sooner rather than later.
Options bulls are not missing their opportunity to chime in, with 477,000 calls across the tape so far -- triple the intraday average volume -- compared to 151,000 puts. The most popular contract is the weekly 6/9 185-strike call, with new positions being bought to open.
Those looking to speculate with options are in luck. Apple stock is seeing attractively priced premiums at the moment, per its Schaeffer's Volatility Index (SVI) of 23%, which sits in the relatively low 17th percentile of its annual range.
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Palo Alto (PANW) Stock Hits Record High on SPX Inclusion
By: Schaeffer's Investment Research | June 5, 2023
• PANW hit a record high of $228.50
• Palo Alto Networks is replacing Dish Network on the S&P 500
Palo Alto Networks Inc (NASDAQ:PANW) is trading at record highs today, earlier hitting a peak of $228.50, after news that the stock is replacing Dish Network (DISH) on the S&P 500 Index (SPX). According to J.P. Morgan Securities, PANW has a "better fundamental profile, which was a catalyst for inclusion," resulting from "increased focus on platform optimization and operating efficiency over the past few years."
Palo Alto stock had already been rallying on the charts before today's news, now on track for its eighth-straight daily gain. Year-to-date, the equity is up roughly 62%.
Options traders are chiming in, with many betting on even more upside. So far, 21,000 calls and 8,381 puts have been exchanged. The weekly 6/9 230-strike call is the most active contract, with new positions opening there.
Calls were more popular than usual leading up to today as well. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), PANW's 10-day call/put volume ratio of 2.36 ranks higher than 89% of readings from the last year.
It's also worth noting that short interest represents 6.9% of the stock's available float. It would take over five days for shorts to cover their bets, at PANW's average pace of trading.
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Analyst: Note Dollar General (DG) Stock's "Thesis-Shift Cover"
By: Schaeffer's Investment Research | June 5, 2023
• Morgan Stanley downgraded the discount retailer to "equal weight"
• Two additional analysts slashed their price targets
Dollar General Corp. (NYSE:DG) is down 2% at $162.78 this morning, after Morgan Stanley downgraded the shares to "equal weight" from "overweight." In its bull note, the analyst said the discount retailer's recent quarterly results showed a "thesis-shift cover," with the company saying the challenging economic environment was the catalyst for an earnings miss and full-year guidance slash.
In addition, Citigroup and J.P. Morgan Securities cut their price targets to $185 and $187, respectively. There's plenty of room for positive sentiment to unwind, considering 13 of the 20 covering brokerages rate Dollar General stock a "buy" or better, and the 12-month consensus of $198.46 is a 21.1% premium to last night's close.
It looks like an unwinding of pessimism is overdue, consider analysts high hopes come even as the equity sports a 32.5% year-to-date deficit, with a 26.1% 12-month loss to boot. Coming into today, Dollar General stock was already trading at more than three-year lows, after logging its fifth-straight weekly loss and its fifth month in the read already in 2023.
A shift in the options pits could also weigh on DG, as options traders have favored bullish bets over the last 50 days. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity sports a 50-day call/put volume ratio of 1.24 that stands higher than 96% of readings from the last year.
Those looking to speculate with options are in luck. Dollar General stock is seeing attractively priced premiums at the moment, per its Schaeffer's Volatility Index (SVI) of 26%, which sits in the relatively low 32nd percentile of its annual range.
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Carl Icahn purchased an additional 314,000 shares of $SWX for a total investment of over $18 million at the end of May
By: Barchart | June 5, 2023
• Southwest Gas Insider Trading Alert
Carl Icahn purchased an additional 314,000 shares of $SWX for a total investment of over $18 million at the end of May.
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52 week lows
$20+ stocks
Symbol Last % Change Volume
EPAM $215.93 -16.84% 349.4K
DAVA $46.47 -9.85% 83.5K
AAPD $21.41 -1.10% 25.7K
SQQQ $21.70 -0.18% 15.1M
SDS $37.08 -0.05% 717.2K
52 week highs
Symbol Last % Change Volume
CIR $47.41 +49.70% 1.8M
CELH $145.07 +4.99% 329.7K
PANW $223.87 +3.05% 3.6M
AAPL $183.20 +1.24% 13.8M
CTAS $482.92 +0.28% 17.5K
US equity funds draw first weekly inflow in 10 weeks
REUTERS
(Reuters) - U.S. equity funds received their first weekly inflow in ten weeks in the week to May 31 on optimism that lawmakers would agree to raise the nation's debt limit to avert a default.
According to Refinitiv Lipper data, U.S. equity funds received a net $1.22 billion in their first weekly inflow since March 22.
(con't)
Analysis-US hotel developers run out of cash as construction lending dries up
BY Bianca Flowers and Priyamvada C, REUTERS
(Reuters) - Tighter lending standards from regional banks are making it harder for U.S. hotel developers to secure funding, slowing construction of new hotels at a time Americans' appetite for travel is ripe.
Hotel developers, private equity firms, and general contractors told Reuters the financial stress on regional banks -- the largest lenders to hotels and other commercial real estate markets -- has forced developers to postpone projects or find other creative ways to raise capital.
The hotel industry's predicament .....
(con't)
Top $ losers
Symbol Last % Change Volume
EPAM $216.80 -16.50% 274.5K
FCNCA $1,272.10 -2.00% 10.2K
AVGO $798.76 -1.63% 258.2K
GLOB $176.82 -6.26% 141.3K
CSTL $11.36 -50.02% 866.1K
Top $ gainers
Symbol Last % Change Volume
CIR $47.41 +49.70% 1.8M
AMED $91.50 +15.14% 1.8M
NRGU $336.33 +2.88% 26.7K
MDB $384.31 +2.13% 308.5K
DECK $484.08 +1.53% 18.2K
Top % losers
Symbol Last % Change Volume
BLPH $1.20 -83.00% 3.7M
CSTL $11.95 -47.43% 634.6K
MNK $1.91 -22.04% 200.5K
UUU $2.44 -18.72% 210.7K
EPAM $218.68 -15.78% 220.7K
Top % gainers
Symbol Last % Change Volume
FRZA $2.95 +136.11% 23.6M
CJET $6.91 +81.84% 7.2M
CIR $47.41 +49.68% 1.2M
TMBR $2.31 +55.03% 8.7M
BVXV $2.20 +29.41% 4.7M
Orders by Fidelity customers Info
As of Jun-2-2023 4:04 PM ET
Symbol Buy/sell ratio % Change
TSLA
Buy 63.49%
Sell 36.51%
+3.11%
AAPL
Buy 62.39%
Sell 37.61%
+0.48%
NVDA
Buy 55.38%
Sell 44.62%
-1.11%
FRZA
Buy 57.33%
Sell 42.67%
-1.61%
AMZN
Buy 48%
Sell 52%
+1.21%
TQQQ
Buy 66.67%
Sell 33.33%
+2.25%
Volume movers
2-day
Symbol Last % Change Volume
CJET $6.28 +65.26% 5.1M
ELTX $18.65 +2.78% 186.9K
RMTI $4.79 +13.40% 264.2K
MMV $2.26 +10.78% 4.9M
ZUMZ $14.73 -4.78% 57.1K
Most actives
Symbol Last % Change Volume
FRZA $2.98 +138.51% 19.1M
BOIL $2.59 +9.07% 16.9M
TSLA $219.95 +2.79% 12.9M
TMBR $2.39 +60.40% 8.2M
AAPL $183.59 +1.46% 7.2M
Like Ske said, nothing do'n in early market..
DJIA33,734.62-28.14(-0.08%)
NASDAQ13,256.74+15.973(0.12%)
S&P 5004,287.92+5.55(0.13%)
The 10 Top/Bottom NASDAQ 100 Index percent net change performers
By: Thom Hartle | June 5, 2023
• Today (8:32 CST), the 10 top/bottom percent net change performers in the NASDAQ 100 Index.
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POLITICO
The slow-motion trainwreck everyone sees coming
Story by By Katy O'Donnell
As the federal government strives to contain financial market turmoil, the next risk looming over the nation’s banks is in plain sight: the $20 trillion commercial real estate market.
Some $1.5 trillion in mortgages will come due in the next two years, a potential time bomb as higher interest rates and spiraling office vacancies push down property values.
And because 70 percent of bank-held commercial mortgages sit on the balance sheets of regional and smaller lenders, a write-down in commercial loans could spell big trouble for the financial system and spill over into the larger economy just as the 2024 presidential campaign gets underway.
With the country careening toward a possible recession, the financial system is especially vulnerable to shocks as the turbulence sparked by the collapse of three regional banks showed. Adding a commercial real estate market slide to the mix would be particularly perilous. It’s a concern that’s top of mind for policymakers in Washington — even as they acknowledge there’s not a lot they can do to fend off a crisis.
“Am I worried? The short answer is yes,” Sen. John Kennedy (R-La.), a senior member of the Senate Banking Committee, said in an interview. “The long answer is hell yes.”
“I hope the Federal Reserve and the banking regulators are worried as well, and I hope they won’t be caught flat-footed like they were with the bank failures that we’ve had so far,” Kennedy said.
Fed policymakers last month raised interest rates for the 10th straight time, by a quarter point, putting more pressure on both the real estate industry and on banks.
Chair Jerome Powell has largely downplayed a threat posed by the commercial real estate market, describing the banking system as “strong and resilient.” But FDIC Chair Martin Gruenberg stressed at a May 31 press conference that it's a significant risk and said his agency is urging lenders to prioritize managing their exposure to the sector.
And the Fed itself flagged commercial real estate as an area of concern in its May Financial Stability Report, warning that “the magnitude of a correction in property values could be sizable and therefore could lead to credit losses” by banks and investors holding commercial real estate debt.
Some lawmakers share that concern.
“Right now, we have the double whammy of much higher interest rates and the commercial real estate market going through a shock post-Covid,” Sen. Mark Warner (D-Va.) told POLITICO. “So I don’t think we can presume that... we’re going to be able to simply glide through [without a crash].”
“I’m still trying to sort through some of the policy options,” said Warner, who declined to detail his ideas. “I have encouraged the White House, though, that we need to do some more intervention on these regional banks right away.”
White House economic adviser Jared Bernstein told a panel of lawmakers in April that the issue “is very much on our watch list” when asked about the potential for a significant downturn in the market.
Sen. Elizabeth Warren says regulators have a key role to play in heading off any crisis.
They need to “insist that banks and other lenders appropriately hedge against the risks of a significant downturn in commercial real estate,” the Massachusetts Democrat said.
The “best-case scenario” for the market is that a wipeout would be “isolated to a few banks that have a lot of office loan exposure,” according to Stijn Van Nieuwerburgh, a Columbia Business School professor of real estate and finance. (MG Note: dreaming)
The pandemic-induced rise of remote work has hammered offices. The office vacancy rate hit 18.6 percent in the first quarter of 2023 — well above the pre-pandemic level — according to an estimate from Cushman and Wakefield, which doesn’t expect vacancy rates to stabilize until 2024.
“That could be a train wreck waiting to happen,” warned Dan Tarullo, a former top Fed official who overhauled bank regulations in the wake of the 2008 financial crisis. “All you have to do is walk through the downtown of a major American city.”
But “it would be a mistake to conclude that the problems are isolated to the office market — higher interest rates impact all types of real estate,” Van Nieuwerburgh said.
“The way these loans are structured, you’re mostly paying interest, not principal, so you have to roll over most of the loan” when it comes due, he said. “The bank will say, no, the interest rate is now 6 percent instead of 3 percent 10 years ago, which means that your building is now worth 40 percent lower.”
Van Nieuwerburgh said he wouldn’t be surprised if 10 percent of commercial real estate loans can’t be refinanced, especially as banks grow more cautious about lending against real estate.
Commercial real estate stocks are down this year: An index of publicly traded commercial real estate investment trusts had fallen 18.1 percent in a year as of June 2.
Roughly 5.4 percent of office properties with commercial mortgage-backed securities, meanwhile, were managed by special servicers — meaning they were in some stage of delinquency — in April, up from 3.4 percent a year before, according to Trepp data.
And because so few commercial buildings are being sold right now, it’s not clear how bad it could get, since there’s uncertainty surrounding how far office property values have fallen.
“We’re at a bit of a logjam in the market right now because sales transactions aren’t really taking place, which means that there’s not a lot of clarity on where property values are,” said Jamie Woodwell, head of commercial real estate research at the Mortgage Bankers Association. “Without that, it leads to a sort of reluctance of buyers and sellers to come together on what a property is valued.”
Commercial mortgage loan originations in the first quarter of 2023 were down 56 percent from a year before, having fallen 42 percent from the fourth quarter of 2022, according to MBA.
Going forward, Sen. Jon Tester (D-Mont.) said he’s not hopeful that the office sector will recover, given the ease of remote work.
“We are where we are, it’s going to be this way forever,” he said. “I think the logical solution: We need to develop policies that would help convert commercial to housing, apartments, whatever it might be.” (MG note: Perhaps best sentence)
https://www.msn.com/en-us/money/realestate/the-slow-motion-trainwreck-everyone-sees-coming/ar-AA1c8ljS?ocid=msedgntp&cvid=f6bcae23b78c45a9a0af6932026cb706&ei=21
CNBC Morning News
1. Hoping to avoid a June swoon
Stocks are chugging right along, but that’s largely because they’ve gotten a boost from a rally in tech. Last week was the best for the S&P 500 so far this year, putting it at its highest point since August. The Nasdaq, meanwhile, has posted six consecutive winning weeks. Whether equities can continue feeling momentum from Friday, when the strong May jobs report and relief over the debt ceiling resolution sent stocks soaring, remains to be seen. For now, though, it looks like the much-expected recession is still nowhere to be seen. Follow live market updates.
2. Oil gets a boost
Oil prices are on the rise Monday after Saudi Arabia said it would cut production by another million barrels per day starting next month. The voluntary cuts come after a meeting of OPEC+ partners in which the group of global petroleum exporters maintained earlier production plans for the rest of the year. International benchmark Brent crude futures traded about 1.6% higher Monday morning, while U.S. West Texas Intermediate futures were about 1.7% higher. Saudi Arabia is the world’s top exporter of oil. The group of countries accounts for about 40% of the world’s crude.
3. New from Apple
Apple is expected to unveil its first new major product line in nearly a decade on Monday, with speculation swirling that its long-awaited mixed-reality headset could anchor the company’s annual WWDC conference. A headset of the sort could feature high-definition screens in front of a user’s eyes, or it could allow the wearer to see and interact with the world around them through high-powered cameras. And hopes are high, despite waning interest in the metaverse. “Apple invents entire new categories that have the potential to disrupt existing markets and create entirely new markets,” Bank of America analyst Wamsi Mohan wrote in a recent note.
4. Friendly neighborhood box office hit
Sony’s latest Marvel extravaganza, “Spider-Man: Across the Spider-Verse,” caught millions of moviegoers in its web over the weekend, racking up $120.5 million in domestic ticket sales. It’s the second-biggest opening for a movie this year behind Universal’s “The Super Mario Bros. Movie.” The “Spider-Verse” results come as Hollywood enters the important summer movie season, with domestic grosses trailing more than 20% behind 2019's pre-pandemic totals up to this point. The next few weeks will be a test of whether potential blockbusters can help make up the difference. There’s a new “Transformers” movie coming this weekend from Paramount, while June 16 brings Disney-Pixar’s “Elemental” and Warner Bros. Discovery’s latest DC movie, “The Flash,” which seems like the only sure box office bet of those three. The fifth “Indiana Jones” movie is due at the end of June from Disney, too.
5. Tense times near Taiwan
U.S.-China tension over Taiwan escalated over the weekend, as Chinese and American warships got too close for comfort in the Taiwan Strait. The U.S. military released a video of the incident, which you can watch here. American officials said the Chinese vessel performed an unsafe maneuver, effectively cutting off the U.S. ship and forcing it to slow down. Chinese officials defended the ship’s actions. China claims Taiwan as part of its territory even as the island self governs. Since Russia invaded Ukraine, however, there’s been rising global concern that China may seize Taiwan through military action.
— CNBC’s Mike Calia and Sara Salinas wrote this newsletter. Tanaya Macheel, Lee Ying Shan, Kif Leswing and Sarah Whitten contributed.
Palo Alto Networks (PANW) climbs on promotion to S&P 500, while Dish drops out
By: Morningstar | June 5, 2023
Zoominfo Technologies, Wesco, Dropbox also rise after midcap inclusion
Here are some prospective movers to keep an eye on Monday, as the U.S. stock market, appeared poised for a muted start to the new week.
Stock gainers:
Shares of Palo Alto Networks Inc. (PANW) rose 5% in premarket on Monday after S&P Dow Jones promoted the $66 billion cybersecurity company to the S&P 500 index in a series of quarterly index adjustments to account for market cap
Shares of Planet Fitness Inc. (PLNT) moved 4% higher ahead of the open, with Zoominfo Technologies Inc.(ZI) and Doximity Inc. (DOCS) also posting modest gains after the S&P moved the stocks to its S&P MidCap 400 index (MID).
Meanwhile, shares of Dropbox Inc. (DBX) and Wesco International Inc. (WCC) rose more than 3% on their midcap index inclusion late Friday.
Stock decliners:
Dish Network Inc. shares (DISH) declined nearly 6% after the S&P made room for Palo Alto Networks by cutting the TV-services company from the large cap index, and moved it to the midcap index.
Shares of Gannett Inc. (GCI) fell 3% and Zumiez Inc. (ZUMZ) fell 4% on their scheduled removal from the small cap index.
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Bear of the Day: Hibbet Sports (HIBB)
By: Zacks Investment Research | June 5, 2023
Retailers, specifically those having to do with athletics, have been coming under pressure. Earnings estimates have been squeezed to the downside, input prices have been rising, and the overall outlook has taken a turn for the worse. It should come as no surprise then, that’s today’s Bear of the Day is in this industry.
The Bear of the Day is Zacks Rank #5 (Strong Sell) Hibbett Sports (HIBB)). Hibbett, Inc. together with its subsidiaries, engages in the retail of athletic-inspired fashion products in the United States. Its stores offer a range of merchandise, including athletic footwear, athletic and fashion apparel, team sports equipment, and related accessories. The company operates Hibbett stores, City Gear stores, and Sports Additions athletic shoe stores. It also sells its products through online channels.
Over the course of the last 30 days, four analysts have cut their earnings estimates for the current year while four have also done so for next year. The bearish moves have dropped our Zacks Consensus Estimates for the current year from $10.18 to $7.88 while next year’s number is down from $11.01 to $9.04.
That means that the current year Zacks Consensus Estimate is calling for an 18% contraction in earnings this year. That number is expected to grow by 14.78% for next year. That’s on 2.14% revenue growth this year and 5.48% revenue growth for next year.
Image Source: Zacks Investment Research
The Retail – Apparel and Shoes industry ranks in the Bottom 15% of our Zacks Industry Rank. This industry does include a couple of names which are coming off strong quarterly reports. These include Zacks Rank #1 (Strong Buy) stocks Abercrombie & Fitch ((ANF)) and Urban Outfitters ((URBN)).
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Crude Inventories, Unemployment Claims And Other Key Things To Watch This Week
By: Barchart | June 5, 2023
A great week for the stock market with the S&P 500 ($SPX) (SPY) closing up over 3% and many individual stocks up significantly more than that. Apple (AAPL) closed the week up over 4%, Amazon (AMZN) closed up over 7% and Tesla (TSLA) closed the week up over 8% for a banner week. Starlink won a federal contract, and since most of Elon’s companies are privately held Tesla stock often feels the pain or euphoria of anything Elon does.
Markets breathed a sigh of relief last week as it appears the debt ceiling drama has come to an end (at least for now). Even with that behind us, there are still plenty of things to watch in the upcoming weeks and months. Here are 5 things to watch this week in the market:
Crude Oil Inventories
This is a mix of both macro and micro forces on the market. On a macro scale, gas prices are starting to rise again in the US, and a build in crude could help offset any further rises. This is usually good for the economy overall as it keeps the cost of commuting both labor and goods reasonable. On a micro-scale, this will directly impact stocks in the energy sector. A build shows a waning demand and could be bearish for energy stocks, while a draw on crude would show increased demands which often leads to higher margins for energy companies.
Consumer Credit
Consumer credit often serves as a bellwether for consumer confidence and spending habits. High consumer credit levels can signal consumers' willingness to borrow and spend, potentially augmenting company revenues and buoying earnings in the short term. On the flip side of that, an over-dependence on debt can show that consumers are relying too heavily on debt to cover expenses. This is often caused by a rapid spike in inflation as we have seen over the past year. Either way a large increase in debt could be seen as detrimental to the economy as a whole, even if it helps bottom-line earnings in the short term.
Unemployment Claims
With better than expected Nonfarm Payroll data last week and a weekly unemployment number that is trending down it will be interesting to see how this reports. Another lower-than-expected number could further bolster equities in the rally that has been happening over the last few weeks. If we come in high however it would be contradictory to the other jobs data coming out and it could be a sign for the market to pause and digest the recent move. This comes out before the market opens so either way you should be able to see how the futures react and build out a trading thesis from there.
Final Wholesale Inventories
This is a report that does not get covered often but is possible to start to hold more and more significance as the year progresses. With a recession, inflation, and a “soft landing” still being tossed around in the press this number looks at what wholesalers are viewing as the near future for the economy. If the number builds it could be due to several factors, a best case is a return to normal post the covid supply issues, it could also mean fewer orders from retail which points to a slowing economy. On the flip side, a decrease could be due to a higher demand which could point to a stronger future economic outlook.
ISM Services PMI
Last but not least, we have the ISM Services PMI. This could be a boom for the economy and the stock market if we come in with another expansion signal. A decline might have the opposite effect though. The market seems to be looking for any reason to continue a rally though, so any news may be new news at this point. Keep in mind, the services sector is a big player in the US economy, so any big surprises could really move the market.
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Stock futures are little changed after the S&P 500’s best week since March ...
Thank you, Ske>
Another weekend of great music!
Good on Lionel and Tim!
Aaron has a great, unique voice.
(he should prolly lose the distracting ear thing)
Didn't know Jeff could play the keys!
He's still acting up there, lol
She's good
OIL
OPEC+ sticks to 2023 oil production targets as Saudi Arabia announces further voluntary cuts
Sun, Jun 4 2023 CNBC
KEY POINTS
The influential Organization of the Petroleum Exporting Countries met on Sunday in Vienna to iron out next production steps, as global oil prices remain under pressure from broader macro-economic concerns.
Discussions reviewed both concrete production cuts and changes to the baseline levels that determine each participant’s output level.
The influential Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, on Sunday made no changes to its planned oil production cuts for this year, as coalition chair Saudi Arabia announced further voluntary declines.
OPEC+ also announced in a statement that it will limit combined oil production to 40.463 million barrels per day over January-December 2024.
Previously, the alliance agreed to a 2 million barrels-per-day decline in October. Some OPEC+ members also announced some voluntary drops of just over 1.6 million barrels per day in April. Russia’s Deputy Prime Minister Alexander Novak said Sunday that all voluntary cuts, which were initially set to expire after 2023, will now be extended until the end of 2024, in comments reported by Reuters.
Asked whether Russia, hit by Western sanctions, will carry out its pledge to cut output, UAE oil minister Suhail al-Mazrouei on Sunday acknowledged there were discrepancies between figures supplied by Moscow and the independent Russian production estimates of analysts and trade publications.
“Some of the things that we have seen from Russia on a technical basis just ... [don’t] add up from some of the independent sources, and we will be reaching out to those independent sources,” he said during a press briefing after the OPEC+ meeting.
Saudi Arabia’s energy ministry said Riyadh will implement an additional voluntary one-month 1 million-barrel-per-day cut starting this July, which can be extended. This will bring the kingdom’s total voluntary declines to 1.5 million barrels per day over the period, reining in its production to 9 million barrels.
The Saudi energy minister described the kingdom’s additional 1 million barrel-per-day voluntary reduction as a “Saudi lollipop” and stressed it will implemented.
“We have always honored our commitments,” he said during the Sunday press briefing. He left unanswered whether the kingdom will extend its voluntary reduction beyond July.
The move by the 23-country alliance follows contentious talks that dragged well into the night on Saturday, as well as a more-than four-hour Sunday meeting of the alliance’s Joint Ministerial Monitoring Committee, which recommends, but does not implement, policy.
At stake for OPEC+ is a battle to reconcile an outlook of tighter supply in the second half of the year, current macro-economic and inflationary concerns, and intergroup diplomacy.
Ahead of the meeting, Saudi oil minister Prince Abdulaziz bin Salman in late May warned oil market speculators to “watch out,” in a comment widely read as heralding another supply cut.
It remains to be seen if the 2024 reduction in output will offer long-term support to current oil futures prices when markets open on Monday, following months of pressure from global financial turmoil since the start of the year.
Brent futures
most recently settled at $76.13 per barrel on Friday, with several OPEC+ delegates noting the deepening divide between prices and supply-demand fundamentals.
Back to bases
The producers’ alliance also agreed to review baselines — the starting level from which producers cut their output during OPEC+ agreements, usually by a similar percentage — for 2025, following a study of countries’ output capacities by oil analysts IHS, Wood Mackenzie and Rystad Energy.
A higher baseline translates into a higher output ceiling. Critically, baselines are often reused in new iterations of OPEC+ agreements and their review and later adjustment are often contentious, meaning they could bind producers longer term.
OPEC heavyweight UAE has been long vying for an upward revision to its baseline, receiving part of such a concession in July 2021.
Other producers of the alliance, such as Angola and Nigeria, have meanwhile long fallen short of lifting their output to their assigned OPEC+ quotas amid sabotage, depleting capacity and underinvestment — but potential changes to their baselines to reflect these realities were not formally broached before because of the sensitivity of these discussions, delegates told CNBC.
NYAD Rallies. SPX Joins NDX's Breakout. Liquidity is Stable. VIX Hits New Low
By: Joe Duarte | June 4, 2023
The week of June 5 should be momentous, as the bears who have been left behind consider whether to fully capitulate.
The stock market is back in rally mode as seasonal tendencies for a summer rally, especially in the third year of the presidential cycle, assert their influence. Especially comforting is the recovery in the market's breadth, as measured by the NYSE Advance Decline line (see below). The U.S. economy is showing signs of slowing, as the rate of rise in inflation is flattening.
Of course, things could change instantly, especially if, as I discuss below, OPEC does something very dramatic at its June 3-4 meeting. Moreover, it's all about whether the Fed leaves rates unchanged in June in order to see if the current flattening out of inflationary pressures is a prelude to an actual decline, and what that does to bond yields.
I'll have more on bonds below. First, a few words about the oil market.
OPEC's Credibility is on the Line
Last week, I suggested that shorting a dull market is not a good idea. I was referring to the nearly complete lack of bulls in the oil market and suggested the energy sector was ripe for a bounce.
As I went to press on this post, rumors were circulating that OPEC was considering a 1 million barrel per day production cut, to be announced at the conclusion of its June 3-4 meeting. This cut, if it happens, will be in addition to production cuts previously announced, which are starting to make their way through the system and could possibly reduce global oil supply meaningfully.
Oil (WTIC) rallied on 6/2/23 on the OPEC rumors and signs that oil production is already being reduced. For example, the U.S. Rig count fell for the fifth consecutive week. Meanwhile, Canada's oil sands giant Suncor announced 1500 job cuts. There are also rumors floating around that job cuts are coming in the fracking sector in the U.S., as the number of active crews finishing wells is also shrinking.
Here is the bottom line:
• The U.S. oil industry is dialing back production, and OPEC seems to be on a similar course.
• If OPEC flakes out, they risk losing their ability to influence the price of oil, at least for the foreseeable future.
Watch the market's response to OPEC's announcement. If WTIC's price rises above $75 decisively, then current market relationships, especially bond yields, stock prices, and what the Fed does at its upcoming FOMC meeting (June 13-14), will likely be affected.
I've recently recommended several energy sector picks. You can have a look at them with a free trial to my service. In addition, I've posted a Special Report on the oil market, which you can gain access to here.
Bond Yields Test Resistance
The latest monthly payroll numbers were well above expectations, but the bond market is focusing on other signs that the economy is slowing. As I noted last week, bond yields are likely to fall once the economy shows signs of slowing and the Fed admits that it must at least stop raising rates. Here are some signs that perhaps we're not too far from that point:
• Dallas Fed Survey crashes, falling for 13th consecutive month; one respondent noted: "There is nothing encouraging on the horizon." Other notable quotes: "orders canceled," and "order volume has stalled recently," and "seeing a massive slowdown."
• Dallas Fed services survey fell for 12th straight month. Comments worth noting: "Businesses are preparing for a recession by looking for ways to cut back, which in some ways, works to create a self-fulfilling prophecy."
• Chicago PMI Collapses – new orders, prices paid, production, inventories and employment fell.
• China manufacturing PMI fell below 50, signaling contraction.
• U.S. PMI and ISM surveys fell again.
• China's economy is showing signs of slowing.
Beige Book Confirms Slowing U.S. Growth
Confirming the negative news above, the Fed's most recent Beige Book offered the following:
• Prices are rising but are doing so more slowly.
• New York and Philadelphia registered slowing economic activity.
• Boston, Cleveland, Richmond, Chicago, St. Louis, and Kansas City reported flat activity.
• San Francisco, Dallas, and Minneapolis reported slight growth.
The bottom line is that inflation seems to be rising at a slower pace and that the U.S. economy is slowing, as eight of eleven Fed districts reported slowing or flat economic activity. The three that reported growth described it as slight to moderate.
Bond Yields Test Resistance. Mortgages Follow. Homebuilders Perk Up.
The most predictable relationship in the stock market currently is the one which connects bond yields, mortgage rates, and homebuilder stocks. When bond yields fall, mortgage rates follow. Increases in home sales register and homebuilder stocks rally.
The crucial yield point on the U.S. Ten Year Note is 3.85%. If yields remain below this level, the environment should remain stable.
Moreover, if I'm right and the economy continues to slow, bond yields will roll over, and mortgage rates will drop as demand for new homes will once again pick up.
As things stood last week, SPHB seems to have made a short term bottom as traders begin to factor in the scenario above.
If the U.S. Ten Year Note yield (TNX) remains below 3.7%, it's a sign that bond traders are less worried about inflation. This should be bullish for homebuilder stocks.
For an in-depth comprehensive outlook on the homebuilder sector, click here.
NYAD Rallies. SPX Joins NDX's Breakout. Liquidity is Stable. VIX Hits New Low.
It was quite the week for the market's technical picture.
The New York Stock Exchange Advance Decline line (NYAD) rallied back above its 50-day moving average, signaling stocks are back in an uptrend.
The Nasdaq 100 Index (NDX) extended its recent breakout, closing the week well above 14,500. The current move is unsustainable, so some sort of pullback and consolidation are likely over the next few days to weeks. On the other hand, it could take some time for a consolidation or pull back to develop, as both ADI and OBV are in solid uptrends, signaling lots of upward momentum.
The S&P 500 (SPX) finally broke out above the 4100-4200 trading range, decisively confirming the trend in NDX. On Balance Volume (OBV) continues to improve, while the Accumulation Distribution (ADI) indicator remained in an upward trend.
VIX Breaks to New Lows
The CBOE Volatility Index (VIX) broke to a new low as call option buyers overwhelmed the market. This is probably a little too much bullishness all at once, so we'll see how long it lasts.
When the VIX rises, stocks tend to fall, as rising put volume is a sign that market makers are selling stock index futures to hedge their put sales to the public. A fall in VIX is bullish, as it means less put option buying, and it eventually leads to call buying, which causes market makers to hedge by buying stock index futures. This raises the odds of higher stock prices.
Liquidity is Still Limited
The market's liquidity may have bottomed out, but it's not particularly bullish. The Eurodollar Index (XED) failed to rally above 94.5, which is a bearish development. For now, it's good enough to keep the rally from imploding. A move below 94 would be very bearish.
A move above 95 will be a bullish development. Usually, a stable or rising XED is very bullish for stocks.
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Costco (COST) comps are decelerating:
By: The Transcript | June 4, 2023
• Costco comps are decelerating:
"Comparable sales for May excluding the impacts from changes in gasoline prices & FX were as follows: in the US, +1.7%; in Canada, +7.9%; Other International, +6.4%; total company, +3.3%"
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Walmart (WMT) had a record 2022 crossed $600 billion for the first time in history
By: The Transcript | June 4, 2023
• Meanwhile, Walmart had a record 2022:
"For fiscal 23, we added $38 billion in revenue and we crossed $600 billion for the first time in our company's history" - $WMT CEO
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Saudi Arabia is slashing oil supply. It could mean higher gas prices for US drivers
By: AP | June 4, 2023
FRANKFURT, Germany (AP) — Saudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to prop up the sagging price of crude after two previous cuts to supply by major producing countries in the OPEC+ alliance failed to push oil higher.
The Saudi cut of 1 million barrels per day, to start in July, comes as the other OPEC+ producers agreed in a meeting in Vienna to extend earlier production cuts through next year.
Calling the reduction a “lollipop,” Saudi Energy Minister Abdulaziz bin Salman said at a news conference that “we wanted to ice the cake.” He said the cut could be extended and that the group “will do whatever is necessary to bring stability to this market.”
The new cut would likely push up oil prices in the short term, but the impact after that would depend on whether Saudi Arabia decides to extend it, said Jorge Leon, senior vice president of oil markets research at Rystad Energy.
The move provides “a price floor because the Saudis can play with the voluntary cut as much as they like,” he said.
The slump in oil prices has helped U.S. drivers fill their tanks more cheaply and gave consumers worldwide some relief from inflation.
“Gas is not going to become cheaper," Leon said. ”If anything, it will become marginally more expensive.”
That the Saudis felt another cut was necessary underlines the uncertain outlook for demand for fuel in the months ahead. There are concerns about economic weakness in the U.S. and Europe, while China’s rebound from COVID-19 restrictions has been less robust than many had hoped.
Saudi Arabia, the dominant producer in the OPEC oil cartel, was one of several members that agreed on a surprise cut of 1.6 million barrels per day in April. The kingdom’s share was 500,000. That followed OPEC+ announcing in October that it would slash 2 million barrels per day, angering U.S. President Joe Biden by threatening higher gasoline prices a month before the midterm elections.
All told, OPEC+ has now dropped production on paper by 4.6 million barrels a day. But some countries can't produce their quotas, so the actual reduction is around 3.5 million barrels per day, or over 3% of global supply.
The previous cuts gave little lasting boost to oil prices. International benchmark Brent crude climbed as high as $87 per barrel but has given up its post-cut gains and been loitering below $75 per barrel in recent days. U.S. crude has recently dipped below $70.
That has helped U.S. drivers kicking off the summer travel season, with prices at the pump averaging $3.55, down $1.02 from a year ago, according to auto club AAA. Falling energy prices also helped inflation in the 20 European countries that use the euro drop to the lowest level since before Russia invaded Ukraine.
The Saudis need sustained high oil revenue to fund ambitious development projects aimed at diversifying the country’s economy.
The International Monetary Fund estimates the kingdom needs $80.90 per barrel to meet its envisioned spending commitments, which include a planned $500 billion futuristic desert city project called Neom.
The U.S. recently replenished its Strategic Petroleum Reserve — after Biden announced the largest release from the national reserve in American history last year — in an indicator that U.S. officials may be less worried about OPEC cuts than in months past.
While oil producers like Saudi Arabia need revenue to fund their state budgets, they also have to take into account the impact of higher prices on oil-consuming countries.
Oil prices that go too high can fuel inflation, sapping consumer purchasing power and pushing central banks like the U.S. Federal Reserve toward further interest rate hikes that can slow economic growth.
The Saudi production cut and any increase to oil prices could add to the profits that are helping Russia pay for its war against Ukraine. Russia has found new oil customers in India, China and Turkey amid Western sanctions designed to limit Moscow’s crucial energy income.
However, higher crude prices risk complicating trade by the world’s No. 3 oil producer if they exceed the $60-per-barrel price cap imposed by the Group of Seven major democracies.
Russia has found ways to evade the price cap through “dark fleet” tankers, which tamper with location data or transfer oil from ship to ship to disguise its origin. But those efforts add costs.
Under the OPEC+ deal, Russian Deputy Prime Minister Alexander Novak said Moscow will extend its voluntary cut of 500,000 barrels a day through next year, according to Russian state news agency Tass.
But Russia might not be following through on its promises. Moscow’s total exports of oil and refined products such as diesel fuel rose in April to a post-invasion high of 8.3 million barrels per day, the International Energy Agency said in its April oil market report.
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Johnson & Johnson $JNJ Balloon breakout for J&J on Friday after firing a TW Pivot buy signal earlier in the week!
By: TrendSpider | June 4, 2023
• $JNJ Balloon breakout for J&J on Friday after firing a TW Pivot buy signal earlier in the week!
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A fun ensemble at Daryl's house.
Clearly he is boosting yet discovered talent.
Good man for that!
The Best/Worst performing stocks in the S&P 500 this year...
By: Charlie Bilello | June 4, 2023
• The best performing stocks in the S&P 500 this year...
• The worst performing stock in the S&P 500 this year...
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QQQ First monthly bullish MACD cross for the Nasdaq since April 2020, right after the COVID low.
By: TrendSpider | June 3, 2023
• $QQQ First monthly bullish MACD cross for the Nasdaq since April 2020, right after the COVID low.
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$SOFI - $7.03 it appears they pulled a fast one and changed the Debt bill back to the original plan. Student loans resume 60 days after June 30th (Sep)
🚨 Mea culpa.
— Neely (@NeelyTamminga) June 3, 2023
(And sneaky sneaky…)
The final bill appears to show the date now being pushed back to the original “60 days after June 30…” despite McCarthy’s original proposal being 60 days after signing (today).
Regardless, student loans are going back into repayment. 🫣… https://t.co/fzMvDBZfIK pic.twitter.com/n1a02zJdS5
WeekEnd Music >
My Baby Just Cares for me >
Alibaba Group $BABA Since the company's IPO in 2014, June has been one of Alibaba's best months, boasting an average return of +5.07%
By: TrendSpider | June 3, 2023
• $BABA Since the company's IPO in 2014, June has been one of Alibaba's best months, boasting an average return of +5.07%.
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DISCLAIMER:
1. DO THE MATH!!! - Before placing any trade, do the math. Where is the trigger? Where is the proper stop based on the chart setup? How many shares should I buy? This is easy to figure out. You never want to lose more than 1% of your trading account balance on any given trade. So, if you have a $30,000 account, your maximum acceptable loss on any given trade should be $300. If the stop is .20 cents below the entry price (again, based on the chart setup), then you should not buy more than 1500 shares (for the purpose of this lesson I have left commissions out of the equation for simplicity).
2. PAY YOURSELF!!! - Once you have a small profit (I use a dime as a rough personal guideline) sell part of your position and move your stop to breakeven on the rest. You will have very few losing trades if you do this, and the losses you do have will be small.
3. STOP TRADING!!! - What do I mean by this? If you hit your daily goal (everyone should have one and make it realistic) stop trading. Afternoons are tougher to trade than mornings anyway, so take the money and run....tomorrow is another day.
4. STOP TRADING!!! - Didn't we go over this already? Well, this one has another meaning. If you lose 1/2 the amount of your daily goal, stop trading and come back tomorrow. For instance, if your goal is to make $500 a day, and you are down $250 on the day, quit for the day. This is the best way to avoid falling into a 'trading death spiral'.
DOW 30 HEATMAP
http://www.stockmarketdrama.com/dow30heatmap.php
http://finviz.com/futures_charts.ashx?p=m5
This is a great free site to get some good info about technical analysis.
www.informedtrades.com/trades.php
http://stockcharts.com/school/doku.php?id=chart_school
http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns
Charting tools
http://www.stockcharts.com
http://www.chartpatterns.com
http://stockcharts.com/education/IndicatorAnalysis/
http://www.investopedia.com/categories/technicalanalysis.asp
http://www.candlesticker.com/Default.asp
http://candlestickforum.com/PPF/Parameters/16_332_/candlestick.asp
http://www.incrediblecharts.com/technical/candlesticks.htm
http://www.chartpatterns.com/
http://www.investopedia.com/university/technical/techanalysis8.asp
http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators
http://www.freestockcharts.com/
http://www.barchart.com/
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