Hello! Here’s what’s happening in the market today…
The “Santa Rally” ended yesterday, the S&P 500 gained 1.4%, the average return in 1.3%.
Now all eyes are on the auto industry…
Toyota Motor Corporation (TM) has overtaken General Motors Company (GM) as the best-selling vehicle manufacture in the U.S. according to Automotive News, a trade publication. Both companies shares climbed about 7% on the solid delivery numbers.
But the real winner this morning is Ford Motor Company (F). Its shares climbed nearly 12% after increasing electric F-150 output. Ford stock has outperformed Tesla, Inc. (TSLA) over the past year.
The take-home? People are buying cars and more are buying electric than ever before.
I’m watching two stocks with huge potential in the EV industry. I’ve already opened a position in one. See my notes below.
Some divergence yesterday as the DOW posted a new record and the NASDAQ fell 1.3%. Bonds fell too which typically gives stocks an advantage. I think the dip in the NASDAQ gets bought.
Bitcoin still refuses to break down. I’m watching support at $45,000.
The VIX, RSI, and the put-to-call ratio, are in a neutral stance. Broadly, the path of least resistance remains up.
I’m still eyeing the “January Effect” which is likely to last until the end of next week at least. I’m still holding ^TNA on this front. My next profit target is $93, I’ll exit this position by the end of the month regardless.
Futures are mixed near flat.
Today I’m bullish and risk on.
*CELZ has resistance at $4
*SINO has support at $5
*^RELI has support at $8 and $9. I bought at the open near $7 yesterday.
ASRT has support at $2.40
DCPH as resistance at $11
LQDA is on watch
F has support at $22
*^SLDP appears to be putting in a double bottom. This EV battery play has massive potential, especially when compared to QS. Watch this post-merger SPAC for a big move up. Check on this due diligent package and decide for yourself. Support at $8.50
*WEJO is another post-merger SPAC EV play. Support at $8, resistance at $10.
XXII closed below $3 and I exited the position.