It was a choppy day on Wall Street as indexes swung from +2% to -2%. The Nasdaq was up 1% at the close while the other indexes traded near flat.
The biggest loser award goes to Upstart (UPST) which declines -56% on the day after disappointing earnings and guidance. The stock is down more than 90% from its highs last October.
On Twitter (TWTR^) watch, Hindenberg research has disclosed its betting against the deal with Elon Musk.
Their latest research concluded there is a “significant risk that the deal gets repriced lower.”
I read the report. I’m not convinced. I’m still long from $46 but I did sell half at $52.
After 13 days in oversold territory, the put-to-call ratio returned to neutral. Most RSI levels are neutral this morning too.
And the VIX reached retreated from 35 … providing a glimmer of hope for the bulls.
More than 80% of stocks are trading below both their 50-day and 200-day moving averages. A feat only achieved a handful of times in the past decades.
Were due to snap back by the end of the year. Based on my technical analysis, I believe the current market is one of the single best buying opportunities since the 2020 market crash.
Although there is a possibility of further downside, I believe the bottom is near.
The latest inflation data is set to be released this morning at 8:30.
The Consumer Price Index (CPI) will tell us that inflation is still high. You can see the report here.
^CYN is on watch
CVI has support at $29
HDSN has support at $7
LPG is on watch
^REI has support at $4
ARLP has support at $17.50
UNM has support at $34