News:
Wednesday was a decisively bullish day on Wall Street.
Markets opened higher, climbing during the session, and closed at the highs of the day.
Each major index logged solid gains…
- Dow Jones +1.2%
- Nasdaq +1.3%
- S&P 500 +1.2%
- Russell 2000 +2.2%
Headlines credited political negotiations for the gains … though there was little movement on that front.
Sector Round Up
Most sectors finished the day higher. The bears dragged the “safer” stocks lower as investors raced to buy risk.
At the top…
- Consumer Discretionary (XLY) +2.1%
- Financials (XLF) +2.0%
- Energy (XLE) +1.9%
The only losers were…
- Consumer Staples (XLP) -0.1%
- Utilities (XLU) -0.4%
Notable Names
C3.ai (AI^) gained another 14% on Wednesday, its up 40% in the past 3 days.
- The continuation was driven by sector momentum and shorts covering
- We are maintaining a small speculative positive in the stock
Target (TGT) gained about 2% after reporting its latest earnings. In a nutshell…
- Revenues are down
- Forecasts are down
- However, the gains in the stock show investors see better days ahead
Technicals:
The S&P 500 closed at its higher level in 11 days on Wednesday…
The local breakout, coupled with held support at $410, shows the bulls are in control.
Our outlook is unchanged. We remain bullish.
- The VIX logged another bullish close
- RSI levels are mostly neutral, the Nasdaq is now overbought
- The Put-to-Call Ratio initially spiked to extremely oversold but closed neutral
Timing:
Just 2 days left until the options expiration.
Expect an abbreviated update in the morning. We expect little to change until the market has new news to digest next week.
Watchlist:
*Low Float
^Open Position
*AMAM support at $12
*CLRO support at $2
*GSIT support at $4
*UIHC support at $5
APYX support at $5, resistance at $6
CRVS on watch
NNOX support at $16
APLD on watch
XFOR support at $2
JELD support at $14
AZUL support at $8
NVTS support at $7
Secondary watchlist—float 100+ million
RDFN support at $10
EVLV support at $5
TIO on watch
ACVA support at $16, resistance at $17
XERS support at $2.50
RIOT resistance at $12, support at $10
SANA support at $7
^IONQ support at $7
^NYCB support at $11