3/29/22 Memes & Tesla Steal The Show

News:

Yesterday the market’s partied like it was January 2021. AMC, GME,^ & TSLA^ all soared. Logging gains of 45%, 25%, & 8% respectively.

Tesla’s move came after some bad and good news. The bad, its Shanghai plant is closing for Covid protocol. But it also announced plans for a vote on a new stock split and a dividend.

Elon Musk announced on Twitter that he tested positive for Covid (again). He also said he’s considering launching a platform to compete with Twitter.

GME and AMC are meme stocks. What else do you need to know?

Keep a special eye on BBBY as it is also a meme stock. It popped yesterday on news that it reached a settlement with shareholder and GameStop executive chairman Ryan Cohen. I’ve noted the key support level I’m watching below.

The broader markets closed strong too. The Nasdaq led the way, with the help of Tesla, to close up 1.3%. The Russell 2000 closed flat and continues to lag behind.

Technicals:

The put-to-call ratio, RSI levels, and the VIX all have a neutral or bullish stance.

I see little reason the market can’t rally through the next month.

Timing:

Historically April is the strongest month of the year.

The new jobs report comes out this Friday. I’ll be watching for any surprises there, but expect the markets to rally afterward.

The Stock Trader’s Almanac stated that April is “rarely a dangerous month.”

I continue to trade rather actively. New positions are noted below.

Watchlist:

*Low Float
^Open Position

^*CELZ has support at $4
*SES has resistance at $10
^*WAVD has support at $5.50
^*AGRI has resistance at $4
^*SGLY has support at $10.50
^RKDA has support at $2
FLNG has support at $26
EIGR has resistance at $10
NEXT is on watch
DLNG has resistance at $4.25
RADA is on watch
GME has resistance at $200
CRK has resistance at $13
^LXU has support at $22
BBBY has support at $25
^GLNG has support at $23
ALLG has resistance at $22
AMC has resistance at $30
EQT, & SWN are high float energy stocks also on watch.

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