Market Notes:
Facebook (FB) will change its name to “Meta” as it bets big on the “metaverse” becoming the future of the internet. One of my positions VRAR popped big when the news came out. I’m still holding some.
What exactly does this mean for the company, its customers (advertisers), and the general public? Time will tell. But the story is certainly worth keeping a close eye on.
There were several notable misses were reported yesterday. Pre-market GDP came in below expectations at just 2% annual growth for Q3. After the close AMZN and AAPL both disappointed with earnings citing supply chain issues.
The last piece of data worth noting is the put-to-call ratio, it’s currently indicating the market is overbought. I’m still expecting a Q4 rally but I believe we might see some selling in the short term.
I’m risk off today. I’d like to see the market digest all the news from the mega-cap stocks. The year-end rally could continue but I think the market needs to shake out first.
Watchlist:
*HUDI has support at $28
*VRAR has support at $12
*MRAI is on watch
*LTRX has resistance at $9.50
*BKKT is on watch
CLSK has support at $19
IONQ has support at $13
IFRX watching for a setup above $4
TRIT has support at $7
WTRH has resistance at $2
LCID is on watch
UNIT has support at $14
OTC, no levels:
WSRC, DPLS, BHAT, AABB, INND, LIACF, PULM
