fbpx

2/9/23 — 12 Years Ago It Cost $1, Now…

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…

SPY Daily Candles – Chart via thinkorswim

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

Images by Electrek, Google & NYT

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.

VIX Daily Candles – Chart via thinkorswim

We’ll continue to monitor for a change in the trend.

Little else to note this morning…

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

Leave a Comment

Your email address will not be published. Required fields are marked *