News:
Markets opened the new month flat.
Once the opening bell rang, it was all buyers all day.
The indexes all ended Thursday’s session in the green.
- Dow Jones +0.5%
- Nasdaq +1.3%
- S&P 500 +1.0%
- Russell 2000 +1.1%
Headlines credited the debt ceiling vote.
Overnight, the gains continued in international markets. At writing, the Hong Kong-based index, Hang Seng, is up more than 4%.
Sector Round Up
Most sectors rose on Thursday, although there were holdouts…
9 of the 11 sectors ended the day green.
At the top…
- Communications (XLC) +1.4%
- Materials (XLB) +1.3%
- Industrials (XLI) +1.3%
The losers…
- Consumer Staples (XLP) -0.1%
- Utilities (XLU) -0.7%
Notable Names
Meme stock Carvana (CVNA) rose 22% and closed at its highest level since October 2022.
- S&P Global Ratings upgraded some of the company’s debt
- In December 2022, the company was nearing bankruptcy
- Thursday’s close was 345% higher than its December lows
Dollar General (DG) plummeted nearly 20% after disappointing earnings and guidance.
- Thursday marked the biggest single-day loss in the stock’s history
- The company blamed smaller tax refunds and cuts to food stamps for slowing sales
- The selloff wiped $8.5 billion in market cap from the stock
Technicals:
The VIX continued its decline closing below 16 for only the second time in the past 52 weeks.
Thursday’s close was the lowest close for the VIX since November of 2021…
With fear largely absent from the market, the path of least resistance remains upward.
The daily read out…
- RSI levels are mostly neutral, the Nasdaq remains overbought
- The Put-to-Call Ratio is neutral
Our outlook remains bullish.
Timing:
This morning at 8:30, the latest jobs report drops.
The strong labor market is expected to remain intact.
Watchlist:
*Low Float
^Open Position
*SDA on watch
*AMAM support at $14
*WLDS support at $1, resistance at $2
*VIRI support ta $1.40
*GSIT support at $7
INOD support at $10
AEHR support at $35
EFTR on watch
BHVN support at $20
APLD support at $9
OMER support at $6
^PLAB support at $20
BTBT is on watch
KOPN support at $1.80
^AI support at $30
CNVA support at $15
NVTS support at $8
Secondary watchlist—float 100+ million
EVLV support at $5.50, resistance at $6
ZUO support at $10, resistance at $11
RIOT resistance at $12
^MVIS support at $4
^IONQ support at $10, resistance at $11
PSTG support at $32
^PLTR on watch