News:
Markets gave up some of their recent gains on Wednesday. Each of the major indexes ended the day deep in the red…
- Dow Jones -0.6%
- Nasdaq 1.7%
- S&P 500 -1.1%
- Russell 2000 -1.5%
Markets appear to be entering a consolidation phase, moving sideways more than up or down. It’s not uncommon…
Sector Round Up
Bears ruled across the board, with all 11 sectors ending lower.
The smallest losers…
- Real estate (XLRE) -0.3%
- Healthcare (XLV) -0.3%
- Industrials (XLI) -0.6%
At the bottom…
- Communications (XLC) -3.1%
- Utilities (XLU) -1.7%
- Technology (XLK) -1.2%
Notable Names
The communications sector was hit hardest by Alphabet (GOOG, GOOGL), which fell -7% & 8%, respectively.
- Bard, Google’s answer to Microsoft (MSFT) & ChatGPT, struggled during rollout
- The AI wars are heating up…
Disney (DIS) is up more than 6% in premarket trading.
- The company reported earnings & layoffs after the closing bell yesterday
- 7,000 workers, 3% of the company will get the boot
- The restructuring plan will cut $5.5 billion in expense
Tesla (TSLA^) passed the $200 mark yesterday and closed at its highest level since early November.
- The stock has nearly doubled over the past month
- Cuts to the price of its cars have greatly increased demand
Shares of The New York Times (NYT) rose 12% yesterday. On its earnings call, it revealed…
- 12% annual sales growth
- A 22% increase in its shareholder dividend
- $250 million will go towards stock buybacks
Technicals:
The VIX is still pointing lower.
The market is showing little signs of fear despite The Fed’s hawkish stance and lingering recession concerns.
We’ll continue to monitor for a change in the trend.
Little else to note this morning…
- RSI levels are all neutral
- The Put-to-Call Ratio is neutral
Timing:
On this day in 2011, Bitcoin^ traded above $1 for the first time.
- This morning it’s trading near $22,750
- That’s 227,500% increase in 12 years
- For comparison, the S&P 500 is rose about 220% over the same period
Watchlist:
*Low Float
^Open Position
*BBAI support at $4
*^VRAR resistance at $6.50
*IVDA support at $2
^AEHR resistance at $37
CABA support at $12
^VERI support at $9
DSKE support at $8, resistance at $9
AVRO on watch
MANU resistance at $24
CBAY support at $8
CDTX support at $1.60
WFRD support at $57
AI support at $22 or $23, resistance at $27
SOUN support at $4
TGTX support at $18
OI support at $20
NYT on watch
KD on watch
AMRN support at $2