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Mubasher Capital (US Market)
06 Feb, 11:25
Tariff Noise Takes a Breather
Daily Market Comment
February 5, 2025
The major averages overcame initial weakness on Wednesday, as disappointing earnings and mixed economic data were counterbalanced by a slide in Treasury yields, leading to modest gains in the market. Alphabet's (GOOG) stock plunged by -7.5% as a revenue miss fueled doubts about its heavy investments in AI and Advanced Micro Devices (AMD) and Uber Technologies (UBER) also came up short but gains in the Mag 7 kept the NASDAQ positive. Record U.S. imports widened the trade gap, as it increased from $78.9B in November to $98.4B in December. With some jitters being felt globally, the benchmark 10-year Treasury yield fell eight basis points to 4.43%, its lowest level in two months, crossing below the much watched 4.50% level. More market sectors were on the positive side of the ledger, led by outperformance from Real Estate (XLRE), Technology (XLK), Financial (XLF) and Utilities (XLU) while Consumer Discretionary (XLY), Communication Services (XLC) and Materials (XLB) were lower on the tape. The DJIA gained 317.24 points (0.71%) and settled at 44873.28. The S&P 500 closed higher by 23.60 points (0.39%) and finished at 6061.48 while the NASDAQ increased by 38.31 points (0.19%) to close at 19692.33. The dip in yields was a boost for small caps as the Russell 2000 outperformed, gaining +1.14%.
Breadth was bullish with advancing issues beating declining issues by more than 2:1 on the NYSE and on the NASDAQ. Volume was bullish with advancing volume 60% on the NYSE and 63% on the NASDAQ. The VIX dropped 1.44 points (-8.37%) and settled at 15.77. Crude oil finished lower by $1.50 (-2.06%), as the February contract closed at $71.20 a barrel. Gold was higher by $7.80 (0.27%) and finished at $2883.60 an ounce. Bitcoin (BTC) closed at $97,346.38.
The bull market continues to march on, but a majority of market sectors are struggling around their respective 50-day MA with Communications Services (XLC) and Health Care (XLV) being exceptions in clear uptrends. Lastly, the volatility index, VIX, has dropped down around the 15 area as a sign that investors feel less threatened about a tariff tit-for-tat or Deepseek's ability to disrupt the current AI business model.
Earnings releases to watch on Thursday include: Amazon.com (AMZN), Bristol-Myers Squibb (BMY), Conocophillips (COP), Cloudflare (NET), Eli Lilly (LLY), Fortinet (FTNT), Hilton Worldwide (HLT), Honeywell (HON), Intercontinental Exchange (ICE), Linde Plc (LIN) and Philip Morris (PM).
Thursday's Market Moving Economic Calendar: Jobless Claims, Productivity and Costs and Fed Balance Sheet.
By Richard Cuvilly
Daily Market Comment
February 5, 2025
The major averages overcame initial weakness on Wednesday, as disappointing earnings and mixed economic data were counterbalanced by a slide in Treasury yields, leading to modest gains in the market. Alphabet's (GOOG) stock plunged by -7.5% as a revenue miss fueled doubts about its heavy investments in AI and Advanced Micro Devices (AMD) and Uber Technologies (UBER) also came up short but gains in the Mag 7 kept the NASDAQ positive. Record U.S. imports widened the trade gap, as it increased from $78.9B in November to $98.4B in December. With some jitters being felt globally, the benchmark 10-year Treasury yield fell eight basis points to 4.43%, its lowest level in two months, crossing below the much watched 4.50% level. More market sectors were on the positive side of the ledger, led by outperformance from Real Estate (XLRE), Technology (XLK), Financial (XLF) and Utilities (XLU) while Consumer Discretionary (XLY), Communication Services (XLC) and Materials (XLB) were lower on the tape. The DJIA gained 317.24 points (0.71%) and settled at 44873.28. The S&P 500 closed higher by 23.60 points (0.39%) and finished at 6061.48 while the NASDAQ increased by 38.31 points (0.19%) to close at 19692.33. The dip in yields was a boost for small caps as the Russell 2000 outperformed, gaining +1.14%.
Breadth was bullish with advancing issues beating declining issues by more than 2:1 on the NYSE and on the NASDAQ. Volume was bullish with advancing volume 60% on the NYSE and 63% on the NASDAQ. The VIX dropped 1.44 points (-8.37%) and settled at 15.77. Crude oil finished lower by $1.50 (-2.06%), as the February contract closed at $71.20 a barrel. Gold was higher by $7.80 (0.27%) and finished at $2883.60 an ounce. Bitcoin (BTC) closed at $97,346.38.
The bull market continues to march on, but a majority of market sectors are struggling around their respective 50-day MA with Communications Services (XLC) and Health Care (XLV) being exceptions in clear uptrends. Lastly, the volatility index, VIX, has dropped down around the 15 area as a sign that investors feel less threatened about a tariff tit-for-tat or Deepseek's ability to disrupt the current AI business model.
Earnings releases to watch on Thursday include: Amazon.com (AMZN), Bristol-Myers Squibb (BMY), Conocophillips (COP), Cloudflare (NET), Eli Lilly (LLY), Fortinet (FTNT), Hilton Worldwide (HLT), Honeywell (HON), Intercontinental Exchange (ICE), Linde Plc (LIN) and Philip Morris (PM).
Thursday's Market Moving Economic Calendar: Jobless Claims, Productivity and Costs and Fed Balance Sheet.
By Richard Cuvilly
Mubasher Capital (US Market)
06 Feb, 11:04
DNA Stock achieved the target level at 16.50 - 17.00 - 17.45 gaining 21.18% and kept rallying to 17.94 to gain 24.58% till now. During the Pre- Market session
Mubasher Capital (US Market)
05 Feb, 17:59
GRPN Stock achieved the target level at 11.80 gaining 3.96% and kept rallying to 11.83 to gain 4.23% till now.
Mubasher Capital (US Market)
05 Feb, 17:58
For the holder of DNA Stock, kindly know that the stock has a resistance level at 16.35 settling above that level shall push the prices to 16.50 - 17.00 - 17.45 - 18.00. Bear in mind the trailing stop level is trading below 15.30.
Mubasher Capital (US Market)
05 Feb, 17:56
DNA Stock achieved the target level at 15.00 - 15.30 - 15.90 gaining 10.42% and kept rallying to 16.38 to gain 13.75%.
Mubasher Capital (US Market)
05 Feb, 11:30
Mag 7 Earnings Keep Equities Grinding Higher
Daily Market Comment
February 4, 2025
Investors cheered the White House delaying tariffs on Canada today sending the major averages higher led by gains in the 'Mag 7'. Weaker than expected economic data pushed yields lower with the rate on the 10-year Treasury easing to 4.516%. JOLTs showed 556k less job openings at the end of January vs. the prior month. Factory Orders fell -0.9% vs. -0.8% estimated. Earnings were mixed producing big winners and losers. Palantir (PLTR) soared +24% and Spotify (SPOT) +13.29% after blowing away estimates while Merck (MRK) dropped -9.07% and Estee Lauder (EL) -16.06% after disappointing numbers. Most sectors were positive with Energy (XLE), Technology (XLK), Consumer Discretionary (XLY) and Communication Services (XLC) at the top of the leader board, while defensive sectors Consumer Staples (XLP), Utilities (XLU) and Healthcare (XLV) were the weakest market groups. The different indexes closed the session near the highs of the day with the DJIA up 134.13 points (+0.30%) at 44556.04, while the S&P 500 added 43.31 points (+0.72%) closing at 6037.88. The NASDAQ jumped 262.06 points (+1.35%) finishing at 19654.02. The small cap Russell 2000 outperformed gaining +1.41%.
Breadth was positive with advancing issues beating declining issues 2.4:1 on the NYSE and 2.4:1 on the NASDAQ. Advancing volume was 71% on the NYSE and 72% of the NASDAQ. The VIX dropped 1.19 (-1.72%) and closed at 18.62. Crude oil prices eased 0.58 (-0.79%) and the March contract closed at $72.58 a barrel. Gold prices gained 17.10 (+0.60%) and finished at $2874.20 an ounce, another record high. Bitcoin (BTC) closed the session at $99,500.
Buyers came out on top today as the major averages came roaring back from the selloff. Also boosting equities was lower yields. The rotation into small caps is back on the table as investors believe the 'made in America' theme will get a lift from the tariffs. Tomorrow is the ADP Employment Report for another read on payrolls with the January BLS report on Friday. Even with all the uncertainty from tariffs, weaker than expected payrolls would keep pressure on yields and a floor under equities. Earnings from more of the big cap technology heavyweights this week should keep volatility elevated.
Earnings releases to watch for on Wednesday include: Walt Disney (DIS), Boston Scientific (BSX), Evercore (EVR), Harley-Davidson (HOG), Illinois Tool Works (ITW), Old Dominion Freight Line (ODFL), Uber Technologies (UBER), Yum! Brands (YUM), Align Technology (ALGN), Arm Holdings (ARM), Ford Motor (F), McKesson (MCK), Molina Healthcare (MOH), O'Reilly Automotive (ORLY) and Skyworks Solutions (SWKS).
Wednesday's Market Moving Economic Calendar: Mortgage Apps, ADP Employment Report, International Trade in Goods and Services, PMI Composite Final, ISM Services Index and EIA Petroleum Status Report.
By David L. Blake, CMT
Daily Market Comment
February 4, 2025
Investors cheered the White House delaying tariffs on Canada today sending the major averages higher led by gains in the 'Mag 7'. Weaker than expected economic data pushed yields lower with the rate on the 10-year Treasury easing to 4.516%. JOLTs showed 556k less job openings at the end of January vs. the prior month. Factory Orders fell -0.9% vs. -0.8% estimated. Earnings were mixed producing big winners and losers. Palantir (PLTR) soared +24% and Spotify (SPOT) +13.29% after blowing away estimates while Merck (MRK) dropped -9.07% and Estee Lauder (EL) -16.06% after disappointing numbers. Most sectors were positive with Energy (XLE), Technology (XLK), Consumer Discretionary (XLY) and Communication Services (XLC) at the top of the leader board, while defensive sectors Consumer Staples (XLP), Utilities (XLU) and Healthcare (XLV) were the weakest market groups. The different indexes closed the session near the highs of the day with the DJIA up 134.13 points (+0.30%) at 44556.04, while the S&P 500 added 43.31 points (+0.72%) closing at 6037.88. The NASDAQ jumped 262.06 points (+1.35%) finishing at 19654.02. The small cap Russell 2000 outperformed gaining +1.41%.
Breadth was positive with advancing issues beating declining issues 2.4:1 on the NYSE and 2.4:1 on the NASDAQ. Advancing volume was 71% on the NYSE and 72% of the NASDAQ. The VIX dropped 1.19 (-1.72%) and closed at 18.62. Crude oil prices eased 0.58 (-0.79%) and the March contract closed at $72.58 a barrel. Gold prices gained 17.10 (+0.60%) and finished at $2874.20 an ounce, another record high. Bitcoin (BTC) closed the session at $99,500.
Buyers came out on top today as the major averages came roaring back from the selloff. Also boosting equities was lower yields. The rotation into small caps is back on the table as investors believe the 'made in America' theme will get a lift from the tariffs. Tomorrow is the ADP Employment Report for another read on payrolls with the January BLS report on Friday. Even with all the uncertainty from tariffs, weaker than expected payrolls would keep pressure on yields and a floor under equities. Earnings from more of the big cap technology heavyweights this week should keep volatility elevated.
Earnings releases to watch for on Wednesday include: Walt Disney (DIS), Boston Scientific (BSX), Evercore (EVR), Harley-Davidson (HOG), Illinois Tool Works (ITW), Old Dominion Freight Line (ODFL), Uber Technologies (UBER), Yum! Brands (YUM), Align Technology (ALGN), Arm Holdings (ARM), Ford Motor (F), McKesson (MCK), Molina Healthcare (MOH), O'Reilly Automotive (ORLY) and Skyworks Solutions (SWKS).
Wednesday's Market Moving Economic Calendar: Mortgage Apps, ADP Employment Report, International Trade in Goods and Services, PMI Composite Final, ISM Services Index and EIA Petroleum Status Report.
By David L. Blake, CMT
Mubasher Capital (US Market)
04 Feb, 12:20
Monday, Monday
Daily Market Comment
February 3, 2025
The major averages dropped at the open but were able to pare the opening losses in the afternoon after Trump paused on tariffs on Mexico. Investors suffered through a volatile Monday for a second week in a row as analysts weighed how tariffs on Canada and China would disrupt prices. Economic data was better than expected with the S&P Global Manufacturing PMI rising to 51.2 from 49.4 the prior month. Earnings were mixed with AbbVie (ABBV) and Tyson Foods (TSN) beating estimates, while Colgate-Palmolive (CL) offered flat guidance and Decker's Outdoors (DECK) dropped after disappointing numbers. The market sectors finished the day mixed with Energy (XLE), Utilities (XLU), Healthcare (XLV) and Consumer Staples (XLP) closing with solid gains, while Technology (XLK), Consumer Discretionary (XLY) and Industrial (XLI) were the weakest market groups. Selling in semiconductors weighed on the NASDAQ with the Philadelphia Semiconductor Index (SOX) sinking another -1.82%. The DJIA briefly erased all of its opening loss in the afternoon but rolled over again the last hour to close with a loss of 122.75 points (-0.28%) settling at 44421.91. The S&P 500 lost 45.96 points (-0.76%) finishing at 5994.57, while the NASDAQ dropped 235.49 points (-1.20%) closing at 19391.96.
Breadth was negative with declining issues beating advancing issues better than 2:1 on the NYSE and 2.4:1 on the NASDAQ. Declining volume was 67% on the NYSE and 52% of the NASDAQ. The VIX jumped 2.19 (+3.72%) and closed at 18.62. Crude oil prices rose 0.35 (+0.48%) and the March contract closed at $72.88 a barrel. Gold prices gained 22.90 (+0.81%) and finished at $2857.90 an ounce. Bitcoin (BTC) closed the session at $101,200.
The uncertainty of Trump's tariffs weighed on the market today but surprisingly yields were mostly unchanged. That had a calming effect on investors and brought buyers back in. While the blue chips made it back to the plus column in the afternoon, investors used the bounce to trim equities again going into the close. Tomorrow is a full slate of earnings across all sectors so we should have another volatile session with traders also keeping an eye on more changes in Trump's tariffs.
Earnings releases to watch for on Tuesday include: Archer-Daniels-Midland (ADM), Ball Corp (BALL), Cummins (CMI), Energizer (ENR), Estee Lauder (EL), Ferrari (RACE), Jacobs solutions (J), Merck (MRK), PayPal Holdings (PYPL), PepsiCo (PEP), Pfizer (PFE), Alphabet (GOOGL), Advanced Micro Devices (AMD), Amdocs (DOX), Cirrus Logic (CRUS), Enphase Energy (ENPH), Juniper Networks (JNPR), Mattel (MAT), Prudential (PRU) and Western Union (WU).
Tuesday's Market Moving Economic Calendar: Motor Vehicle Sales, Factory Orders and JOLTS.
By David L. Blake, CMT
Daily Market Comment
February 3, 2025
The major averages dropped at the open but were able to pare the opening losses in the afternoon after Trump paused on tariffs on Mexico. Investors suffered through a volatile Monday for a second week in a row as analysts weighed how tariffs on Canada and China would disrupt prices. Economic data was better than expected with the S&P Global Manufacturing PMI rising to 51.2 from 49.4 the prior month. Earnings were mixed with AbbVie (ABBV) and Tyson Foods (TSN) beating estimates, while Colgate-Palmolive (CL) offered flat guidance and Decker's Outdoors (DECK) dropped after disappointing numbers. The market sectors finished the day mixed with Energy (XLE), Utilities (XLU), Healthcare (XLV) and Consumer Staples (XLP) closing with solid gains, while Technology (XLK), Consumer Discretionary (XLY) and Industrial (XLI) were the weakest market groups. Selling in semiconductors weighed on the NASDAQ with the Philadelphia Semiconductor Index (SOX) sinking another -1.82%. The DJIA briefly erased all of its opening loss in the afternoon but rolled over again the last hour to close with a loss of 122.75 points (-0.28%) settling at 44421.91. The S&P 500 lost 45.96 points (-0.76%) finishing at 5994.57, while the NASDAQ dropped 235.49 points (-1.20%) closing at 19391.96.
Breadth was negative with declining issues beating advancing issues better than 2:1 on the NYSE and 2.4:1 on the NASDAQ. Declining volume was 67% on the NYSE and 52% of the NASDAQ. The VIX jumped 2.19 (+3.72%) and closed at 18.62. Crude oil prices rose 0.35 (+0.48%) and the March contract closed at $72.88 a barrel. Gold prices gained 22.90 (+0.81%) and finished at $2857.90 an ounce. Bitcoin (BTC) closed the session at $101,200.
The uncertainty of Trump's tariffs weighed on the market today but surprisingly yields were mostly unchanged. That had a calming effect on investors and brought buyers back in. While the blue chips made it back to the plus column in the afternoon, investors used the bounce to trim equities again going into the close. Tomorrow is a full slate of earnings across all sectors so we should have another volatile session with traders also keeping an eye on more changes in Trump's tariffs.
Earnings releases to watch for on Tuesday include: Archer-Daniels-Midland (ADM), Ball Corp (BALL), Cummins (CMI), Energizer (ENR), Estee Lauder (EL), Ferrari (RACE), Jacobs solutions (J), Merck (MRK), PayPal Holdings (PYPL), PepsiCo (PEP), Pfizer (PFE), Alphabet (GOOGL), Advanced Micro Devices (AMD), Amdocs (DOX), Cirrus Logic (CRUS), Enphase Energy (ENPH), Juniper Networks (JNPR), Mattel (MAT), Prudential (PRU) and Western Union (WU).
Tuesday's Market Moving Economic Calendar: Motor Vehicle Sales, Factory Orders and JOLTS.
By David L. Blake, CMT
Mubasher Capital (US Market)
03 Feb, 12:11
Stocks Trip on Trump Tariffs
Daily Market Comment
January 31, 2025
The DJIA and S&P 500 were trading at new record highs today before the White House said Trump's tariffs on Mexico, Canada and China would be implemented on Saturday sending stocks down and into the red. Economic data showed inflation remained sticky with the December PCE increasing +0.3% and +2.6% YoY, while core-PCE rose +0.2%, but +2.9% YoY. The Chicago PMI was light at 37.5 vs. 41 estimated. Yields were little changed on the data but moved higher after the tariff announcement with the 10-year Treasury closing at 4.556%. The late selloff was across the board with only the Communication Services (XLC) sector able to eke out a small gain. Energy (XLE) was the worst performing market group falling -2.76%. The Consumer Staples (XLP), Materials (XLB) and Industrial (XLI) sectors were also weak. Earnings were mostly better than expected with Apple (AAPL), Intel (INTC), Visa (V), AbbVie (ABBV) and Exxon Mobil (XOM) beating estimates, while Decker Outdoors (DECK) and Beazer Homes (BZH) disappointed and traded sharply lower. The major averages closed near the lows of the day with the DJIA dropping 337.47 points (-0.75%) and finishing at 44544.66, while the S&P 500 lost 30.64 points (-0.50%) closing at 6040.53. The NASDAQ slipped 54.31 points (-0.28%) and settled at 19627.44.
Breadth was mostly negative with declining issues beating advancing issues 2.6:1 on the NYSE and 1.9:1 on the NASDAQ. Declining volume was 74% on the NYSE but advancing volume was 53% of the NASDAQ. The VIX increased 0.59 (+3.72%) and closed at 16.43. Crude oil prices rose 0.34 (+0.47%) and the March contract closed at $73.07 a barrel. Gold prices lost 15.90 (-0.56%) and finished at $2829.30 an ounce. Bitcoin (BTC) closed the session at $101,670.
Stocks were off to the races at the bell but like Monday's AI news, investors were quick to pull the sell lever when the tariff call crossed the wire. The stock market hates uncertainty and how tariffs will affect inflation and yields won't be known until later. The selloff snapped a two-week win streak for the S&P 500 and NASDAQ, but the DJIA was able to finish higher for a third consecutive week. Next week investors will focus on December jobs data with another full week of Q4 earnings.
Earnings releases to watch for on Monday include: Tyson Foods (TSN), Saia (SAIA), Cabot Corp (CBT), Rambus (RMBS), Palantir (PLTR) NXP Semiconductors (NXPI) and Clorox (CLX).
Monday's Market Moving Economic Calendar: PMI Manufacturing Final, ISM Manufacturing Index and Construction Spending.
By David L. Blake, CMT
Daily Market Comment
January 31, 2025
The DJIA and S&P 500 were trading at new record highs today before the White House said Trump's tariffs on Mexico, Canada and China would be implemented on Saturday sending stocks down and into the red. Economic data showed inflation remained sticky with the December PCE increasing +0.3% and +2.6% YoY, while core-PCE rose +0.2%, but +2.9% YoY. The Chicago PMI was light at 37.5 vs. 41 estimated. Yields were little changed on the data but moved higher after the tariff announcement with the 10-year Treasury closing at 4.556%. The late selloff was across the board with only the Communication Services (XLC) sector able to eke out a small gain. Energy (XLE) was the worst performing market group falling -2.76%. The Consumer Staples (XLP), Materials (XLB) and Industrial (XLI) sectors were also weak. Earnings were mostly better than expected with Apple (AAPL), Intel (INTC), Visa (V), AbbVie (ABBV) and Exxon Mobil (XOM) beating estimates, while Decker Outdoors (DECK) and Beazer Homes (BZH) disappointed and traded sharply lower. The major averages closed near the lows of the day with the DJIA dropping 337.47 points (-0.75%) and finishing at 44544.66, while the S&P 500 lost 30.64 points (-0.50%) closing at 6040.53. The NASDAQ slipped 54.31 points (-0.28%) and settled at 19627.44.
Breadth was mostly negative with declining issues beating advancing issues 2.6:1 on the NYSE and 1.9:1 on the NASDAQ. Declining volume was 74% on the NYSE but advancing volume was 53% of the NASDAQ. The VIX increased 0.59 (+3.72%) and closed at 16.43. Crude oil prices rose 0.34 (+0.47%) and the March contract closed at $73.07 a barrel. Gold prices lost 15.90 (-0.56%) and finished at $2829.30 an ounce. Bitcoin (BTC) closed the session at $101,670.
Stocks were off to the races at the bell but like Monday's AI news, investors were quick to pull the sell lever when the tariff call crossed the wire. The stock market hates uncertainty and how tariffs will affect inflation and yields won't be known until later. The selloff snapped a two-week win streak for the S&P 500 and NASDAQ, but the DJIA was able to finish higher for a third consecutive week. Next week investors will focus on December jobs data with another full week of Q4 earnings.
Earnings releases to watch for on Monday include: Tyson Foods (TSN), Saia (SAIA), Cabot Corp (CBT), Rambus (RMBS), Palantir (PLTR) NXP Semiconductors (NXPI) and Clorox (CLX).
Monday's Market Moving Economic Calendar: PMI Manufacturing Final, ISM Manufacturing Index and Construction Spending.
By David L. Blake, CMT
Mubasher Capital (US Market)
31 Jan, 21:08
TSLL ETF achieved the target level at 28.10 to gain 4.07% and kept rallying to 28.72 gaining 6.37% till now.
Mubasher Capital (US Market)
31 Jan, 21:07
RIOT achieved the target level at 12.40 to gain 7.83% and kept rallying to 12.46 gaining 8.35% till now.
Mubasher Capital (US Market)
31 Jan, 21:05
SOXL ETF achieved the target level at 29.00 to gain 9.85% till now.
Mubasher Capital (US Market)
31 Jan, 21:04
M Stock achieved the target level at 15.90 to gain 8.90% and kept rallying to 15.94 to gain 9.18% till now.
Mubasher Capital (US Market)
31 Jan, 11:49
DJIA Flirts With New High
Daily Market Comment
January 30, 2025
The DJIA was on pace for a new record high today before President Trump announced 25% tariffs on Canada and Mexico to stop the flow of fentanyl, sending the major averages lower and briefly erasing all the gains the last hour of trading. After slipping briefly into the red, the different indexes shot higher again but finished off the highs of the day. Before the last hour theatrics, it was a steady session with the market climbing higher with every sector participating. Economic data was solid with Initial Jobless Claims falling 26k to 207k, while Continuing Claims were little changed around 1.898 million. Q4 GDP (1st read) was light at +2.3% vs. +2.5% estimated, but consumer spending grew +4.2% during the quarter. Earnings added to volatility with Meta Platforms (META), Tesla (TSLA), Lam Research (LRCX) and International Business Machines (IBM) trading higher on results, while Microsoft (MSFT), Caterpillar (CAT), United Parcel Service (UPS) and Whirlpool (WHR) dropped on either disappointing numbers or forward guidance. The strongest market groups were Utilities (XLU), REITs (XLRE), Industrial (XLI) and Healthcare (XLV). The DJIA was up 295-points and only 8-points below its record close before the late selloff, but still managed a gain of 168.61 points (+0.38%) and settled at 44882.13. the S&P 500 added 31.86 points (+0.53%) and closed at 6071.17, while the NASDAQ picked up 49.43 points (+0.25%) finishing at 19681.75. The small cap Russell 2000 outperformed jumping +1.07%.
Breadth was positive with advancing issues beating declining issues 3.6:1 on the NYSE and almost 2:1 on the NASDAQ. Advancing volume was 75% on the NYSE and 68% of the NASDAQ. The VIX dropped 0.72 (-4.35%) and closed at 15.84. Crude oil prices rose 0.41 (+0.56%) and the March contract closed at $73.03 a barrel. Gold prices jumped 53.60 (+1.92%) and finished at $2847.10 an ounce. Bitcoin (BTC) closed the session at $105,120.
Yesterday's FOMC Meeting that left rates unchanged was regarded as less hawkish today with some analysts commenting that the economy was in a sweet spot. Not too hot and not too cool. The European Central Bank cut rates a 0.25-point today and that was seen as perhaps putting some pressure on the Federal Reserve to keep their downward bias on rates at future FOMC meetings. Investors took that as a positive and equities traded higher across the board. Tomorrow, we get the December PCE which is the Fed's preferred gauge on inflation and will have a bigger impact on market direction than earnings. Look for another volatile day going into the weekend.
Earnings releases to watch for on Friday include: Abbvie (ABBV), Booz Allen Hamilton (BAH), Charter Communications (CHTR), Colgate-Palmolive (CL), Exxon Mobil (XOM), Grainger (GWW) and RBC Bearings (RBC).
Friday's Market Moving Economic Calendar: Personal Income and Outlays (PCE), Employment Cost Index and Chicago PMI.
By David L. Blake, CMT
Daily Market Comment
January 30, 2025
The DJIA was on pace for a new record high today before President Trump announced 25% tariffs on Canada and Mexico to stop the flow of fentanyl, sending the major averages lower and briefly erasing all the gains the last hour of trading. After slipping briefly into the red, the different indexes shot higher again but finished off the highs of the day. Before the last hour theatrics, it was a steady session with the market climbing higher with every sector participating. Economic data was solid with Initial Jobless Claims falling 26k to 207k, while Continuing Claims were little changed around 1.898 million. Q4 GDP (1st read) was light at +2.3% vs. +2.5% estimated, but consumer spending grew +4.2% during the quarter. Earnings added to volatility with Meta Platforms (META), Tesla (TSLA), Lam Research (LRCX) and International Business Machines (IBM) trading higher on results, while Microsoft (MSFT), Caterpillar (CAT), United Parcel Service (UPS) and Whirlpool (WHR) dropped on either disappointing numbers or forward guidance. The strongest market groups were Utilities (XLU), REITs (XLRE), Industrial (XLI) and Healthcare (XLV). The DJIA was up 295-points and only 8-points below its record close before the late selloff, but still managed a gain of 168.61 points (+0.38%) and settled at 44882.13. the S&P 500 added 31.86 points (+0.53%) and closed at 6071.17, while the NASDAQ picked up 49.43 points (+0.25%) finishing at 19681.75. The small cap Russell 2000 outperformed jumping +1.07%.
Breadth was positive with advancing issues beating declining issues 3.6:1 on the NYSE and almost 2:1 on the NASDAQ. Advancing volume was 75% on the NYSE and 68% of the NASDAQ. The VIX dropped 0.72 (-4.35%) and closed at 15.84. Crude oil prices rose 0.41 (+0.56%) and the March contract closed at $73.03 a barrel. Gold prices jumped 53.60 (+1.92%) and finished at $2847.10 an ounce. Bitcoin (BTC) closed the session at $105,120.
Yesterday's FOMC Meeting that left rates unchanged was regarded as less hawkish today with some analysts commenting that the economy was in a sweet spot. Not too hot and not too cool. The European Central Bank cut rates a 0.25-point today and that was seen as perhaps putting some pressure on the Federal Reserve to keep their downward bias on rates at future FOMC meetings. Investors took that as a positive and equities traded higher across the board. Tomorrow, we get the December PCE which is the Fed's preferred gauge on inflation and will have a bigger impact on market direction than earnings. Look for another volatile day going into the weekend.
Earnings releases to watch for on Friday include: Abbvie (ABBV), Booz Allen Hamilton (BAH), Charter Communications (CHTR), Colgate-Palmolive (CL), Exxon Mobil (XOM), Grainger (GWW) and RBC Bearings (RBC).
Friday's Market Moving Economic Calendar: Personal Income and Outlays (PCE), Employment Cost Index and Chicago PMI.
By David L. Blake, CMT
Mubasher Capital (US Market)
31 Jan, 11:26
RIOT Stock achieved the target level at 11.95 to gain 3.91% and kept rallying to 12.14 gaining 5.57% till now. During the yesterday's Session
Mubasher Capital (US Market)
31 Jan, 11:24
SOXL ETF achieved the target level at 27.2.0 - 27.85 to gain 5.49% and kept rallying to 27.97 gaining 5.95% till now. During the Pre- Market Session
Mubasher Capital (US Market)
31 Jan, 11:23
AAPL Stock achieved the target level at 244.70 to gain 6.39% and kept rallying to 244.70 gaining 8.00% till now. During the Pre-Market Session
Mubasher Capital (US Market)
31 Jan, 11:21
For the holder of M Stock, kindly know that the Stock has a resistance level at 15.80 settling above that level shall push the prices to 15.90 - 16.20 - 16.40 . Bear in mind the trailing stop level is trading below 15.50
Mubasher Capital (US Market)
31 Jan, 11:19
M Stock achieved the target level at 15.80 to gain 8.22% till now. During the yesterday's Session
Mubasher Capital (US Market)
30 Jan, 13:27
Magnificent 7 Earnings Come Into Focus
Daily Market Comment
January 29, 2025
Semiconductor and AI companies remained under pressure before a less hawkish statement following the FOMC meeting found some late buyers and limited the damage. Both yields and dollar indexes paired back gains in the wake of the Fed's decision to hold rates steady, which was accompanied by solid labor market numbers, but inflation remained elevated. Fed Chair Powell dodged questions regarding policy shifts from the new administration, as he cited that these were broad areas that are still not clearly defined. More market sectors were on the negative side of the ledger, led by underperformance from Real Estate (XLRE), Technology (XLK), Health Care (XLV) and Industrial (XLI) while Communication Services (XLC), Consumer Staples (XLP) and Energy (XLE) outperformed.
The DJIA lost 136.83 points (-0.31%) and settled at 44713.52. The S&P 500 declined 28.39 points (-0.47%) and finished at 6039.31 while the NASDAQ weakened by 101.26 points (-0.51%) to close at 19632.32.
Breadth was mostly bearish with declining issues beating advancing issues by 1.7:1 on the NYSE and 3:2 on the NASDAQ. Volume was bearish with declining volume 52% on the NYSE and 60% on the NASDAQ. The VIX gained 0.27 points (1.65) and settled at 16.68. Crude oil finished lower by $0.82 (-1.11%), as the February contract closed at $72.95 a barrel. Gold was higher by $2.90 (0.14%) and finished at $2770.40 an ounce. Bitcoin (BTC) closed at $104,238.20.
The technology sector (XLK), which has shed more than -4.5% this week, is approaching a key support area while the Philadelphia Semiconductor ETF (SOX) continues to test meaningful support around the 4800 - 4850 area. Major magnificent seven companies report after today's close and tomorrow as investors are bracing for increased volatility. Look for investors to pay special attention to guidance in the wake of the DeepSeek debacle that has the market's full attention.
Earnings releases to watch on Thursday include: Apple (AAPL), Blackstone (BX), Caterpillar (CAT), Cigna Group (CI), Comcast (CMSCA), Dow Inc. (DOW), Intel (INTC), L3Harris (LHX), Mastercard (MA), Thermo Fisher Scientific (TMO), United Parcel Service (UPS) and Visa (V).
Thursday's Market Moving Economic Calendar: GDP, Weekly Jobless Claims, Pending Home Sales and Fed Balance Sheet.
By Richard Cuvilly
Daily Market Comment
January 29, 2025
Semiconductor and AI companies remained under pressure before a less hawkish statement following the FOMC meeting found some late buyers and limited the damage. Both yields and dollar indexes paired back gains in the wake of the Fed's decision to hold rates steady, which was accompanied by solid labor market numbers, but inflation remained elevated. Fed Chair Powell dodged questions regarding policy shifts from the new administration, as he cited that these were broad areas that are still not clearly defined. More market sectors were on the negative side of the ledger, led by underperformance from Real Estate (XLRE), Technology (XLK), Health Care (XLV) and Industrial (XLI) while Communication Services (XLC), Consumer Staples (XLP) and Energy (XLE) outperformed.
The DJIA lost 136.83 points (-0.31%) and settled at 44713.52. The S&P 500 declined 28.39 points (-0.47%) and finished at 6039.31 while the NASDAQ weakened by 101.26 points (-0.51%) to close at 19632.32.
Breadth was mostly bearish with declining issues beating advancing issues by 1.7:1 on the NYSE and 3:2 on the NASDAQ. Volume was bearish with declining volume 52% on the NYSE and 60% on the NASDAQ. The VIX gained 0.27 points (1.65) and settled at 16.68. Crude oil finished lower by $0.82 (-1.11%), as the February contract closed at $72.95 a barrel. Gold was higher by $2.90 (0.14%) and finished at $2770.40 an ounce. Bitcoin (BTC) closed at $104,238.20.
The technology sector (XLK), which has shed more than -4.5% this week, is approaching a key support area while the Philadelphia Semiconductor ETF (SOX) continues to test meaningful support around the 4800 - 4850 area. Major magnificent seven companies report after today's close and tomorrow as investors are bracing for increased volatility. Look for investors to pay special attention to guidance in the wake of the DeepSeek debacle that has the market's full attention.
Earnings releases to watch on Thursday include: Apple (AAPL), Blackstone (BX), Caterpillar (CAT), Cigna Group (CI), Comcast (CMSCA), Dow Inc. (DOW), Intel (INTC), L3Harris (LHX), Mastercard (MA), Thermo Fisher Scientific (TMO), United Parcel Service (UPS) and Visa (V).
Thursday's Market Moving Economic Calendar: GDP, Weekly Jobless Claims, Pending Home Sales and Fed Balance Sheet.
By Richard Cuvilly
Mubasher Capital (US Market)
24 Jan, 22:12
SPY ETF reached the target at 610.00 with a profit 4.27% and kept rallying towards 610.78 with a profit of 4.41% till now.
Mubasher Capital (US Market)
24 Jan, 22:10
PLTR Stock reached the target at 79.00-80.00-81.70 with a profit 17.12% and kept rallying towards 82.24 with a profit of 18.33% till now.
Mubasher Capital (US Market)
24 Jan, 21:48
For the holder of BE Stock, kindly know that the Stock has a resistance level at 29.50 settling above that level shall push the prices to 30.60- 31.25-32.00-32.30 . Bear in mind the trailing stop level is trading below 28.45
Mubasher Capital (US Market)
24 Jan, 21:46
BE Stock reached the target at 28.45 - 29.25 with a profit 10.38% and kept rallying towards 29.83 with a profit of 12.57% till now.
Mubasher Capital (US Market)
24 Jan, 21:43
ALLO Stock achieved the target level at 1.98 to gain 3.13% and kept rallying to 2.035 gaining 5.99% till now.
Mubasher Capital (US Market)
24 Jan, 21:41
ENVX Stock achieved the target level at 12.65-13.00 to gain 7.00% and kept rallying to 13.18 gaining 8.48% till now.
Mubasher Capital (US Market)
24 Jan, 21:40
MRNA Stock achieved the target level at 43.80 to gain 2.94% and kept rallying to 43.80 gaining 6.70% till now.
Mubasher Capital (US Market)
24 Jan, 11:23
M Stock achieved the target level at 15.10 to gain 3.42% and kept rallying to 15.19 gaining 4.04% till now. During the Pre - Market Session
Mubasher Capital (US Market)
24 Jan, 11:06
S&P 500 Hits All-Time High
Daily Market Comment
January 23, 2025
The major averages traded mixed for most of the day, but a last hour rally pushed all the major averages into the plus column with the S&P 500 closing the session at a new all-time high. Economic data showed a softer jobs market with Initial Jobless Claims rising 6k to 233k, while Continuing claims jumped 46k to 1.899 million. Earnings were mixed with GE Aerospace (GE) jumping +6.60% after a blowout quarter, while Travelers (TRV), Electronic Arts (EA) and American Airlines (AAL) disappointed. With the late rally, every sector participated led by strength in Healthcare (XLV), Industrial (XLI) and REITs (XLRE). Despite some weakness in semiconductors, the Technology (XLK) sector was able to post a record high. Yields were little changed with the rate on the 10-year Treasury increasing to 4.649% and the two-year T-Bill unchanged at 4.295%. The DJIA was up for a fourth consecutive session jumping 408.34 points (+0.92%) to 44565.07. The S&P 500 added 32.34 points (+0.53%) and finished at 6118.71. The NASDAQ picked up 44.34 points (+0.22%) and settled at 20053.68.
Breadth was positive with advancing issues beating declining issues 1.3:1 on the NYSE and 1.4:1 on the NASDAQ. Advancing volume was 67% on the NYSE and 57% of the NASDAQ. The VIX eased 0.08 (-0.53%) and closed at 15.02. Crude oil prices lost 1.18 (-1.56%) and the March contract closed at $74.26 a barrel. Gold prices fell 9.00 (-0.32%) and finished at $2761.90 an ounce. Bitcoin (BTC) closed the session at $102,960.
It was a calmer session as investors focused on events at the Davos World Economic Forum. President Trump rattled some cages in a virtual speech saying he would 'demand' lower interest rates from the Fed and called for lower oil prices to keep economies growing and keep pressure on Russia's economy. The President threw in a few more choice remarks but didn't upset the upward path of equities trading on more business-friendly regulations. That is also helping the small cap Russell 2000 outperform in January, gaining +3.8%. More earnings after the close tonight and American Express (AXP) in the morning could keep equities grinding higher into the weekend.
Earnings releases to watch for on Wednesday include: American Express (AXP), HCA (HCA), NextEra energy (NEE) and Verizon Communications (VZ).
Friday's Market Moving Economic Calendar: PMI Composite Flash, Existing Home Sales and Consumer Sentiment.
By David L. Blake, CMT
Daily Market Comment
January 23, 2025
The major averages traded mixed for most of the day, but a last hour rally pushed all the major averages into the plus column with the S&P 500 closing the session at a new all-time high. Economic data showed a softer jobs market with Initial Jobless Claims rising 6k to 233k, while Continuing claims jumped 46k to 1.899 million. Earnings were mixed with GE Aerospace (GE) jumping +6.60% after a blowout quarter, while Travelers (TRV), Electronic Arts (EA) and American Airlines (AAL) disappointed. With the late rally, every sector participated led by strength in Healthcare (XLV), Industrial (XLI) and REITs (XLRE). Despite some weakness in semiconductors, the Technology (XLK) sector was able to post a record high. Yields were little changed with the rate on the 10-year Treasury increasing to 4.649% and the two-year T-Bill unchanged at 4.295%. The DJIA was up for a fourth consecutive session jumping 408.34 points (+0.92%) to 44565.07. The S&P 500 added 32.34 points (+0.53%) and finished at 6118.71. The NASDAQ picked up 44.34 points (+0.22%) and settled at 20053.68.
Breadth was positive with advancing issues beating declining issues 1.3:1 on the NYSE and 1.4:1 on the NASDAQ. Advancing volume was 67% on the NYSE and 57% of the NASDAQ. The VIX eased 0.08 (-0.53%) and closed at 15.02. Crude oil prices lost 1.18 (-1.56%) and the March contract closed at $74.26 a barrel. Gold prices fell 9.00 (-0.32%) and finished at $2761.90 an ounce. Bitcoin (BTC) closed the session at $102,960.
It was a calmer session as investors focused on events at the Davos World Economic Forum. President Trump rattled some cages in a virtual speech saying he would 'demand' lower interest rates from the Fed and called for lower oil prices to keep economies growing and keep pressure on Russia's economy. The President threw in a few more choice remarks but didn't upset the upward path of equities trading on more business-friendly regulations. That is also helping the small cap Russell 2000 outperform in January, gaining +3.8%. More earnings after the close tonight and American Express (AXP) in the morning could keep equities grinding higher into the weekend.
Earnings releases to watch for on Wednesday include: American Express (AXP), HCA (HCA), NextEra energy (NEE) and Verizon Communications (VZ).
Friday's Market Moving Economic Calendar: PMI Composite Flash, Existing Home Sales and Consumer Sentiment.
By David L. Blake, CMT
Mubasher Capital (US Market)
23 Jan, 21:19
M Stock kept rallying to 15.05 to gain 3.08% till now.
Mubasher Capital (US Market)
23 Jan, 21:18
BE Stock kept rallying to 28.25 to gain 6.60% till now.
Mubasher Capital (US Market)
23 Jan, 21:16
UPST Stock reached the target at 69.00 with a profit 4.94% and kept rallying towards 70.45 with a profit of 7.15% till now.
Mubasher Capital (US Market)
23 Jan, 21:14
PLTR Stock reached the target at 79.00 with a profit 13.67% till now.
Mubasher Capital (US Market)
08 Jan, 13:21
Strong Data Sends Yields Higher
Daily Market Comment
January 7, 2025
It was an ugly day on Wall Street as stronger than expected economic data sent yields higher with the rate on the 10-year Treasury closing at 4.696%. The December ISM Services PMI rose to 54.1 from 52.1, while November JOLTS showed an improving jobs market with openings jumping to 8.10 million vs. 7.70 million expected. The data looked inflationary and hopes for Fed rate cuts were pushed out past the June FOMC Meeting. Selling hit almost every sector, but Energy (XLE) and Healthcare (XLV) were able to post positive. Growth sectors took it on the chin with Technology (XLK), Consumer Discretionary (XLY) and Communication Services (XLC) dropping more than -1%. The different indexes finished near the lows of the day with the DJIA losing 178.20 points (-0.42%) and settling at 42528.36, while the S&P 500 lost 66.35 points (-1.11%) closing at 5909.03. The NASDAQ sank 375.30 points (-1.89%) finishing at 19489.68.
Breadth was mixed with declining issues beating advancing issues 2:1 on the NYSE and more than 2:1 on the NASDAQ. Advancing volume held a slight edge on the NYSE and was 66% of the NASDAQ due to more than 375 million shares traded in FuboTV (FUBO) after Disney acquired the company to compete with YouTube. The VIX jumped 1.78 (+11.10%) and closed at 17.82. Crude oil prices gained 0.68 (+0.92%) and the February contract closed at $72.43 a barrel. Gold prices added 16.90 (+0.64%) and finished at $2664.30 an ounce. Bitcoin (BTC) closed the session at $96.830.
The yield on the 10-year T-Bill briefly crossed above 4.70% today, a level that will induce more selling pressure before settling just below, while the rate on the 30-year Treasury inched closer to 5%, hitting a more than two-year high. The major averages also dropped below key MA support levels which could pull the different indexes lower if upcoming economic data comes in higher than estimates. Tomorrow, we get the ADP Employment Report and Initial Jobless Claims, with the Minutes from the December FOMC Meeting in the afternoon which is sure to add to volatility. Friday, the Bureau of Labor Statistics releases the December jobs report with a forecast of 153,000 expected, down from 227,000 in November. While those are market movers, investors are growing nervous that inflation data in the CPI and PPI next week could show an uptick, which could send the market sharply lower.
Earnings releases to watch for on Wednesday include: Albertson's (ACI), Helen of Troy (HELE), UniFirst (UNF), Greenbrier (GBX) and Jefferies (JEF).
Wednesday's Market Moving Economic Calendar: Jobless Claims, ADP Employment Report, Mortgage Apps and EIA Petroleum Status Report.
By David L. Blake, CMT
Daily Market Comment
January 7, 2025
It was an ugly day on Wall Street as stronger than expected economic data sent yields higher with the rate on the 10-year Treasury closing at 4.696%. The December ISM Services PMI rose to 54.1 from 52.1, while November JOLTS showed an improving jobs market with openings jumping to 8.10 million vs. 7.70 million expected. The data looked inflationary and hopes for Fed rate cuts were pushed out past the June FOMC Meeting. Selling hit almost every sector, but Energy (XLE) and Healthcare (XLV) were able to post positive. Growth sectors took it on the chin with Technology (XLK), Consumer Discretionary (XLY) and Communication Services (XLC) dropping more than -1%. The different indexes finished near the lows of the day with the DJIA losing 178.20 points (-0.42%) and settling at 42528.36, while the S&P 500 lost 66.35 points (-1.11%) closing at 5909.03. The NASDAQ sank 375.30 points (-1.89%) finishing at 19489.68.
Breadth was mixed with declining issues beating advancing issues 2:1 on the NYSE and more than 2:1 on the NASDAQ. Advancing volume held a slight edge on the NYSE and was 66% of the NASDAQ due to more than 375 million shares traded in FuboTV (FUBO) after Disney acquired the company to compete with YouTube. The VIX jumped 1.78 (+11.10%) and closed at 17.82. Crude oil prices gained 0.68 (+0.92%) and the February contract closed at $72.43 a barrel. Gold prices added 16.90 (+0.64%) and finished at $2664.30 an ounce. Bitcoin (BTC) closed the session at $96.830.
The yield on the 10-year T-Bill briefly crossed above 4.70% today, a level that will induce more selling pressure before settling just below, while the rate on the 30-year Treasury inched closer to 5%, hitting a more than two-year high. The major averages also dropped below key MA support levels which could pull the different indexes lower if upcoming economic data comes in higher than estimates. Tomorrow, we get the ADP Employment Report and Initial Jobless Claims, with the Minutes from the December FOMC Meeting in the afternoon which is sure to add to volatility. Friday, the Bureau of Labor Statistics releases the December jobs report with a forecast of 153,000 expected, down from 227,000 in November. While those are market movers, investors are growing nervous that inflation data in the CPI and PPI next week could show an uptick, which could send the market sharply lower.
Earnings releases to watch for on Wednesday include: Albertson's (ACI), Helen of Troy (HELE), UniFirst (UNF), Greenbrier (GBX) and Jefferies (JEF).
Wednesday's Market Moving Economic Calendar: Jobless Claims, ADP Employment Report, Mortgage Apps and EIA Petroleum Status Report.
By David L. Blake, CMT
Mubasher Capital (US Market)
07 Jan, 18:56
SOXL ETF achieved the target level at 33.50 gaining 16.72% and kept rallying to 33.73 gaining 17.53% till now
Mubasher Capital (US Market)
07 Jan, 18:53
WULF Stock achieved the target level at 6.60 gaining 3.91% till now
Mubasher Capital (US Market)
07 Jan, 13:22
Semiconductors Charge NASDAQ
Daily Market Comment
January 6, 2025
Friday's rally carried over to the open today with the major averages surging sharply higher before blue-chip bulls ran out of gas. The DJIA dropped a 383-point run at the open and finished the session with a modest loss, but the S&P 500 and NASDAQ rode strength in big cap technology and semiconductor shares to close with solid gains. Sparking a rally in semiconductors was Foxconn Technology reporting higher revenues and demand for AI technology. Adding to the gains was a +10.45% spike in Micron Technologies (MU) and a +3.43% jump in Nvidia (NVDA) on the news. In addition, investors bought AI related stocks ahead of Nvidia CEO Jenson Huang's talk tonight at the CES conference. Huang is expected to brief investors on new products and growth opportunities. The Philadelphia Semiconductor Index (SOX) gained +2.84%. Technology (XLK) was the strongest sector today followed closely by Communication Services (XLC) and Materials (XLB). Defensive sectors REITs (XLRE), Utilities (XLU) and Consumer Staples (XLP) were the weakest market groups despite another uptick in yields. The DJIA closed the session with a loss of 25.57 points (-0.06%) at 42706.56. The S&P 500 added 32.91 points (+0.55%) and settled at 5975.38, while the tech heavy NASDAQ picked up 243.30 points (+1.24%) finishing at 19864.98.
Breadth was mostly positive with declining issues beating advancing issues 4:3 on the NYSE, but advancing issues held a 203 unit edge on the NASDAQ. Volume was above average with advancing volume 63% of the NYSE and 68% of the NASDAQ. The VIX eased 0.09 (-0.56%) and closed at 16.04. Crude oil prices slipped 0.56 (-0.74%) and the February contract closed at $73.41 a barrel. Gold prices lost 9.90 (-0.37%) and finished at $2644.70 an ounce. Bitcoin (BTC) closed the session at $102,080.
Big cap and semiconductors continue to carry the load as the broader market tries to grind higher. The focus for the rest of the week will be jobs, jobs, and more jobs. Tomorrow, we get JOLTS to gauge job openings followed by the ADP Employment Report and Jobless Claims on Wednesday. The government Employment Situation payrolls report is due on Friday. While no one is expecting to see much change in the data, investors will still need to watch for any sign the jobs situation is weakening. The NYSE is closed on Thursday.
Earnings releases to watch for on Tuesday include: Apogee Enterprises (APOG), Lindsay Corp (LNN), AAR Corp (AIR), Cal-Maine foods (CALM) and Simulations Plus (SLP).
Tuesday's Market Moving Economic Calendar: International Goods in Trade and Services, ISM Services Index and JOLTS.
By David L. Blake, CMT
Daily Market Comment
January 6, 2025
Friday's rally carried over to the open today with the major averages surging sharply higher before blue-chip bulls ran out of gas. The DJIA dropped a 383-point run at the open and finished the session with a modest loss, but the S&P 500 and NASDAQ rode strength in big cap technology and semiconductor shares to close with solid gains. Sparking a rally in semiconductors was Foxconn Technology reporting higher revenues and demand for AI technology. Adding to the gains was a +10.45% spike in Micron Technologies (MU) and a +3.43% jump in Nvidia (NVDA) on the news. In addition, investors bought AI related stocks ahead of Nvidia CEO Jenson Huang's talk tonight at the CES conference. Huang is expected to brief investors on new products and growth opportunities. The Philadelphia Semiconductor Index (SOX) gained +2.84%. Technology (XLK) was the strongest sector today followed closely by Communication Services (XLC) and Materials (XLB). Defensive sectors REITs (XLRE), Utilities (XLU) and Consumer Staples (XLP) were the weakest market groups despite another uptick in yields. The DJIA closed the session with a loss of 25.57 points (-0.06%) at 42706.56. The S&P 500 added 32.91 points (+0.55%) and settled at 5975.38, while the tech heavy NASDAQ picked up 243.30 points (+1.24%) finishing at 19864.98.
Breadth was mostly positive with declining issues beating advancing issues 4:3 on the NYSE, but advancing issues held a 203 unit edge on the NASDAQ. Volume was above average with advancing volume 63% of the NYSE and 68% of the NASDAQ. The VIX eased 0.09 (-0.56%) and closed at 16.04. Crude oil prices slipped 0.56 (-0.74%) and the February contract closed at $73.41 a barrel. Gold prices lost 9.90 (-0.37%) and finished at $2644.70 an ounce. Bitcoin (BTC) closed the session at $102,080.
Big cap and semiconductors continue to carry the load as the broader market tries to grind higher. The focus for the rest of the week will be jobs, jobs, and more jobs. Tomorrow, we get JOLTS to gauge job openings followed by the ADP Employment Report and Jobless Claims on Wednesday. The government Employment Situation payrolls report is due on Friday. While no one is expecting to see much change in the data, investors will still need to watch for any sign the jobs situation is weakening. The NYSE is closed on Thursday.
Earnings releases to watch for on Tuesday include: Apogee Enterprises (APOG), Lindsay Corp (LNN), AAR Corp (AIR), Cal-Maine foods (CALM) and Simulations Plus (SLP).
Tuesday's Market Moving Economic Calendar: International Goods in Trade and Services, ISM Services Index and JOLTS.
By David L. Blake, CMT
Mubasher Capital (US Market)
06 Jan, 17:48
AMD Stock achieved the target at 130.00 with profit 5.69% and kept rallying to reach 130.73 with profit 6.28% till now.
Mubasher Capital (US Market)
06 Jan, 17:46
For the holder of QS Stock, kindly know that the Stock has a resistance level at 6.75 settling above that level shall push the prices to 7.00-7.20-7.40 . Bear in mind the trailing stop level is trading below 6.00
Mubasher Capital (US Market)
06 Jan, 17:44
QS Stock achieved the target at 6.15 with profit 8.85% and kept rallying to reach 6.87 with profit 21.59% till now.
Mubasher Capital (US Market)
06 Dec, 10:06
Bulls Pause Ahead of Jobs Report
Daily Market Comment
December 5, 2024
The major averages finished the session lower today as investors mulled comments on the economy from Fed Chair Powell the prior day and awaited Friday's BLS payroll report. While stocks were marginally lower, the focus was on Bitcoin jumping the $100k hurdle on hopes of a crypto friendly Washington. Economic data saw Initial Jobless Claims increase 9k to 224k, while Continuing Claims fell 25k, slipping back below 1.9 million. Atlanta Fed's GDPNow forecast increased slightly for Q4 to +3.3%. The sectors were mixed with Consumer Discretionary (XLY), Consumer Staples (XLP), Energy (XLE) and Financial (XLF) trading higher, while Materials (XLB), Industrial (XLI) and Healthcare (XLV) all lost more than -1%. Crude oil prices were flat despite OPEC+ voting to extend production cuts into 2026 on over supply concerns. The major averages drifted lower the last hour of trading as investors waited on tomorrow's job report which could determine whether a rate cut is warranted in December. The DJIA was weighed down by a -5.21% drop in shares of UnitedHealth Group (UNH) as it dropped 248.33 points (-0.55%) to 44765.71. The S&P 500 and NASDAQ snapped their four-day win streak with the S&P 500 sliding 11.38 points (-0.19%) to 6075.11, while the NASDAQ lost 34.86 points (-0.18%) closing at 19700.26.
Breadth was negative with declining issues beating advancing issues by 485 units on the NYSE and 1.9:1 on the NASDAQ. Declining volume was 52% of the NYSE and 50% of the NASDAQ. The VIX increased 0.09 (+0.67%) and closed at 13.54. Crude oil prices eased 0.03 (-0.04%) and the January contract closed at $68.51 a barrel. Gold prices fell 22.90 (-0.86%) and finished at $2653.30 an ounce. Bitcoin (BTC) closed the session at $100,000.
Powell's outlook for the economy yesterday might have rattled investors hoping for aggressive rate cuts. Powell noted the economy is in ‘remarkably good shape' and headed for a soft landing. Despite progress on inflation stalling however, it was still headed for 2%. An inline payroll number tomorrow should keep a Fed rate cut on the table in December, but a surprise to the upside could squash those hopes and stall the rally in equities.
Earnings releases to watch for on Friday include: Genesco (GCO).
Friday's Market Moving Economic Calendar: Employment Situation and Consumer Sentiment.
By David L. Blake, CMT
Daily Market Comment
December 5, 2024
The major averages finished the session lower today as investors mulled comments on the economy from Fed Chair Powell the prior day and awaited Friday's BLS payroll report. While stocks were marginally lower, the focus was on Bitcoin jumping the $100k hurdle on hopes of a crypto friendly Washington. Economic data saw Initial Jobless Claims increase 9k to 224k, while Continuing Claims fell 25k, slipping back below 1.9 million. Atlanta Fed's GDPNow forecast increased slightly for Q4 to +3.3%. The sectors were mixed with Consumer Discretionary (XLY), Consumer Staples (XLP), Energy (XLE) and Financial (XLF) trading higher, while Materials (XLB), Industrial (XLI) and Healthcare (XLV) all lost more than -1%. Crude oil prices were flat despite OPEC+ voting to extend production cuts into 2026 on over supply concerns. The major averages drifted lower the last hour of trading as investors waited on tomorrow's job report which could determine whether a rate cut is warranted in December. The DJIA was weighed down by a -5.21% drop in shares of UnitedHealth Group (UNH) as it dropped 248.33 points (-0.55%) to 44765.71. The S&P 500 and NASDAQ snapped their four-day win streak with the S&P 500 sliding 11.38 points (-0.19%) to 6075.11, while the NASDAQ lost 34.86 points (-0.18%) closing at 19700.26.
Breadth was negative with declining issues beating advancing issues by 485 units on the NYSE and 1.9:1 on the NASDAQ. Declining volume was 52% of the NYSE and 50% of the NASDAQ. The VIX increased 0.09 (+0.67%) and closed at 13.54. Crude oil prices eased 0.03 (-0.04%) and the January contract closed at $68.51 a barrel. Gold prices fell 22.90 (-0.86%) and finished at $2653.30 an ounce. Bitcoin (BTC) closed the session at $100,000.
Powell's outlook for the economy yesterday might have rattled investors hoping for aggressive rate cuts. Powell noted the economy is in ‘remarkably good shape' and headed for a soft landing. Despite progress on inflation stalling however, it was still headed for 2%. An inline payroll number tomorrow should keep a Fed rate cut on the table in December, but a surprise to the upside could squash those hopes and stall the rally in equities.
Earnings releases to watch for on Friday include: Genesco (GCO).
Friday's Market Moving Economic Calendar: Employment Situation and Consumer Sentiment.
By David L. Blake, CMT
Mubasher Capital (US Market)
06 Dec, 10:03
RIVN Stock achieved the first target level at 12.40 gaining 3.33% and kept rallying to 12.40 gaining 7.08% till now. During yesterday's session
Mubasher Capital (US Market)
06 Dec, 10:01
OPEN Stock achieved the first target level at 2.30 gaining 4.55% and kept rallying to 2.34 gaining 6.36% till now. During yesterday's session
Mubasher Capital (US Market)
06 Dec, 09:59
TSLA Stock achieved the first target level at 362.10 gaining 2.69% and kept rallying to 375.43 gaining 6.47% till now. During yesterday's session
Mubasher Capital (US Market)
04 Dec, 20:41
DNA Stock achieved the target level at 10.25-10.45 gaining 19.43% and kept rallying to 10.48 to gain 19.77%.
Mubasher Capital (US Market)
04 Dec, 20:38
TQQQ ETF achieved the target level at 86.00 gaining 2.99% and kept rallying to 86.14 to gain 3.16%.
Mubasher Capital (US Market)
04 Dec, 18:56
For the holder of AMZN Stock, kindly know that the stock has a resistance level at 220.00 settling above that level shall push the prices to 223.50-229.50. Bear in mind the trailing stop level is trading below 211.00.
Mubasher Capital (US Market)
04 Dec, 18:51
AMZN Stock achieved the target level at 217.00 gaining 7.43% and kept rallying to 219.99 to gain 8.91% till now
Mubasher Capital (US Market)
04 Dec, 18:46
TQQQ rallied to approach the next target at 86.00 and reached 85.77 with a profit of 2.72% till now
Mubasher Capital (US Market)
04 Dec, 18:45
NVDA Stock achieved the target level at 144.00 gaining 3.60% and kept rallying to 144.62 to gain 4.04%.
Mubasher Capital (US Market)
04 Dec, 18:41
For the holder of DNA Stock, kindly know that the stock has a resistance level at 10.20 settling above that level shall push the prices to 10.25-10.45-11.00. Bear in mind the trailing stop level is trading below 10.00.
Mubasher Capital (US Market)
04 Dec, 18:40
DNA Stock achieved the target level at 10.00-10.10 gaining 15.43% and kept rallying to 10.20 to gain 16.57%.
Mubasher Capital (US Market)
27 Nov, 21:26
HIVE Stock achieved the target at 3.97 to gain 3.12% and kept rallying to reach the level of 4.09 gaining 6.23% till now.
Mubasher Capital (US Market)
27 Nov, 07:41
AMZN Stock achieved the target at 208.00 to gain 2.97%. During Yesterday's session
Mubasher Capital (US Market)
26 Nov, 13:27
Investors Gobble Up Stocks
Daily Market Comment
November 25, 2024
Stocks sprinted out of the gate to start the week as investors cheered President-elect Trump's Secretary Treasurer pick Scott Bessent, a Wall Street insider. Yields tumbled on the report with the rate on the 10-year Treasury sinking 14.3 basis-points to 4.274%, while the two-year T-Bill fell 11.3 basis-points to 4.273%. The major averages were sharply higher at the open with every sector green before coming off the highs midday. The DJ Transportation Index and small cap Russell 2000 outperformed and joined the DJIA and NYSE trading at new highs during the session, but the Russell 2000, which is up almost +10% in November, finished 0.71-point from a new all-time high. Retail stocks were strong again getting a boost from Bath and Body Works (BBWI) after an earnings beat. At the end of the day REITs (XLRE), Materials (XLB) and Consumer Discretionary (XLY) sectors led the rally, while Energy (XLE) was the weak link down -2.05% as crude oil prices slid lower. The DJIA finished with a gain of 426.16 points (+0.97%) at 44296.51, while the S&P 500 added 20.63 points (+0.35%) and closed at 5969.34. The NASDAQ picked up 31.23 points (+0.16%) finishing at 19003.65.
Breadth was positive with advancing issues beating declining issues 2.9:1 on the NYSE and 2:1 on the NASDAQ. Volume was above average with advancing volume 67% on the NYSE and 66% of the NASDAQ. The VIX fell 0.64 (-4.20%) and closed at 14.60. Crude oil prices lost 2.18 (-3.06%) and the December contract closed at $69.06 a barrel. Gold prices dropped 83.90 (-3.09%) and finished at $2628.00 an ounce. Bitcoin (BTC) closed the session at $94,850.
Trump's pick for Secretary Treasurer helped boost stocks today as Bessent should be dovish on regulation and comes with a deep understanding of markets. Volume was stronger than normal today as investors and money managers begin to position for the end of the month in the holiday shortened week. However, we could see more volatility as tomorrow we get the release of the FOMC Meeting Minutes and the October PCE, the Fed's favored inflation gauge, on Wednesday.
Earnings releases to watch for on Tuesday include: Abercrombie & Fitch (ANF), Analog Devices (ADI), Best Buy (BBY), Dick's Sporting Goods (DKS), J.M.Smucker (SJM), Kohl's (KSS), Macy's (M), Dell Technologies (DELL), Autodesk (ADSK), CrowdStrike (CRWD), Nordstrom (JWN), Urban Outfitters (URBN) and Workday (WDAY).
Tuesday's Market Moving Economic Calendar: Case-Shiller Home Price Index, Consumer Confidence, New Home Sales and Richmond Fed Manufacturing Index..
By David L. Blake, CMT
Daily Market Comment
November 25, 2024
Stocks sprinted out of the gate to start the week as investors cheered President-elect Trump's Secretary Treasurer pick Scott Bessent, a Wall Street insider. Yields tumbled on the report with the rate on the 10-year Treasury sinking 14.3 basis-points to 4.274%, while the two-year T-Bill fell 11.3 basis-points to 4.273%. The major averages were sharply higher at the open with every sector green before coming off the highs midday. The DJ Transportation Index and small cap Russell 2000 outperformed and joined the DJIA and NYSE trading at new highs during the session, but the Russell 2000, which is up almost +10% in November, finished 0.71-point from a new all-time high. Retail stocks were strong again getting a boost from Bath and Body Works (BBWI) after an earnings beat. At the end of the day REITs (XLRE), Materials (XLB) and Consumer Discretionary (XLY) sectors led the rally, while Energy (XLE) was the weak link down -2.05% as crude oil prices slid lower. The DJIA finished with a gain of 426.16 points (+0.97%) at 44296.51, while the S&P 500 added 20.63 points (+0.35%) and closed at 5969.34. The NASDAQ picked up 31.23 points (+0.16%) finishing at 19003.65.
Breadth was positive with advancing issues beating declining issues 2.9:1 on the NYSE and 2:1 on the NASDAQ. Volume was above average with advancing volume 67% on the NYSE and 66% of the NASDAQ. The VIX fell 0.64 (-4.20%) and closed at 14.60. Crude oil prices lost 2.18 (-3.06%) and the December contract closed at $69.06 a barrel. Gold prices dropped 83.90 (-3.09%) and finished at $2628.00 an ounce. Bitcoin (BTC) closed the session at $94,850.
Trump's pick for Secretary Treasurer helped boost stocks today as Bessent should be dovish on regulation and comes with a deep understanding of markets. Volume was stronger than normal today as investors and money managers begin to position for the end of the month in the holiday shortened week. However, we could see more volatility as tomorrow we get the release of the FOMC Meeting Minutes and the October PCE, the Fed's favored inflation gauge, on Wednesday.
Earnings releases to watch for on Tuesday include: Abercrombie & Fitch (ANF), Analog Devices (ADI), Best Buy (BBY), Dick's Sporting Goods (DKS), J.M.Smucker (SJM), Kohl's (KSS), Macy's (M), Dell Technologies (DELL), Autodesk (ADSK), CrowdStrike (CRWD), Nordstrom (JWN), Urban Outfitters (URBN) and Workday (WDAY).
Tuesday's Market Moving Economic Calendar: Case-Shiller Home Price Index, Consumer Confidence, New Home Sales and Richmond Fed Manufacturing Index..
By David L. Blake, CMT
Mubasher Capital (US Market)
26 Nov, 13:01
DNA Stock achieved the target at 8.15 to gain10.14% and kept rallying to reach the level of 8.23 gaining 11.22% till now. During the Pre-Market session
Mubasher Capital (US Market)
25 Nov, 17:38
MARA Stock achieved the target at 28.20 to gain 3.11% and kept rallying to reach the level of 28.20 gaining 5.63% till now.
Mubasher Capital (US Market)
25 Nov, 17:36
For the holder of DNA Stock, kindly know that the stock has a resistance level at 8.00 settling above that level shall push the prices to 8.15- 8.30 - 8.45. Bear in mind the trailing stop level is trading below 7.70.
Mubasher Capital (US Market)
25 Nov, 17:35
DNA Stock achieved the target at 7.65-7.90-8.00 to gain 8.11% and kept rallying to reach the level of 8.03 gaining 8.51% till now.
Mubasher Capital (US Market)
25 Nov, 17:34
ZM Stock achieved the target at 91.20 to gain 4.35% and kept rallying to reach the level of 91.20 gaining 6.18% till now.
Mubasher Capital (US Market)
25 Nov, 17:32
For the holder of TNA ETF, kindly know that the stock has a resistance level at 58.00 settling above that level shall push the prices to 59.10 - 59.70 - 61.00. Bear in mind the trailing stop level is trading below 55.00.
Mubasher Capital (US Market)
25 Nov, 17:30
TNA ETF achieved the target level at 57.80 gaining 11.15% and kept rallying to 58.00 gaining 11.54% till now.
Mubasher Capital (US Market)
25 Nov, 17:28
Z Stock achieved the next target at 86.25 to gain 10.58% and kept rallying to reach the level of 86.37 gaining 10.73% till now.
Mubasher Capital (US Market)
25 Nov, 17:27
GERN Stock achieved the next target at 4.15 to gain 3.75% and kept rallying to reach the level of 4.20 gaining 5.00% till now.
Mubasher Capital (US Market)
25 Nov, 17:26
DIS Stock achieved the next target at 116.40 to gain 5.34% and kept rallying to reach the level of 116.58 gaining 5.50% till now.
Mubasher Capital (US Market)
25 Nov, 17:23
For the holder of OPEN Stock, kindly know that the stock has a resistance level at 2.40 settling above that level shall push the prices to 2.45- 2.55 - 2.70. Bear in mind the trailing stop level is trading below 2.25.
Mubasher Capital (US Market)
25 Nov, 17:22
OPEN Stock achieved the target levels at 2.20-2.25-2.30 and 2.4 with a profit 33.33% till now.
Mubasher Capital (US Market)
21 Nov, 18:43
Z Stock achieved the first target at 80.45 gaining 3.14% and kept rallying to 81.99 gaining 5.12% till now.
Mubasher Capital (US Market)
21 Nov, 15:02
NVDA Stock achieved the first target at 152.00 gaining 3.05% and kept rallying to 152.89 gaining 3.65% till now.
Mubasher Capital (US Market)
21 Nov, 15:00
CRK Stock achieved the first target at 15.50 gaining 3.33% and kept rallying to 15.62 gaining 4.13% till now.
Mubasher Capital (US Market)
21 Nov, 12:33
Major Averages Finishes Mixed
Daily Market Comment
November 20, 2024
Wall Street stocks finished mixed following a big earnings miss from big-box retailer, Target (TGT –21.4%), as the market grew anxious ahead of Nvidia's earnings. Nervous investors drove up the volatility index (VIX) to its highest level since before the election. From an economic standpoint, the Federal Reserve Bank of Atlanta Business Inflation Expectations remained unchanged at 2.2%, while MBA Mortgage Applications ticked up, showing a resilient consumer in the face of still high mortgage rates. Buyers stepped in the last hour of trading and pared back earlier losses as the different indexes finished mixed. Sectors finished mostly higher with Health Care (XLV), Energy (XLE), Materials (XLB) and Communications Services (XLC) leading while Consumer Staples (XLP), Consumer Discretionary (XLY) and Financial (XLF) underperformed. The DJIA edged higher by 139.53 points (0.32%) and settled at 43408.47. The S&P 500 was flat at 0.13 points (0.00%) and finished at 5917.11 while the NASDAQ was lower by 21.32 points (-0.11%) to close at 18966.14.
Breadth was mixed with declining issues beating advancing issues by 214 units on the NYSE and 131 units on the NASDAQ. Advancing volume was 53% on the NYSE and 60% on the NASDAQ. VIX surged 0.81 points (4.95%) and settled at 17.16. Crude oil was lower by $0.44 (-0.63%), as the December contract closed at $68.95 a barrel. Gold was higher by $25.40 (0.86%) and finished at $2653.50 an ounce. Bitcoin (BTC) closed to a new high at $94,449.66.
With the Technology (XLK) sector holding support at its 50-day MA, the NASDAQ 100 (NDX) not far off that level and the Philadelphia Semiconductor Index (SOX) trading below its 200-day MA, Nvidia's (NVDA) reporting after the close looms large. For investors that are long tech, a breakout above these levels would be constructive for the overall tech trade.
Earnings releases to watch on Thursday include: BJ's Wholesale (BJ), Copart (CPRT), Deere (DE), Intuit (INTU), Netapp (NTAP) and Warner Music Group (WMG).
Thursday's Market Moving Economic Calendar: Jobless Claims, Philadelphia Fed Manufacturing Index, Existing Home Sales and Fed Secretaries Speak.
By Richard Cuvilly
Daily Market Comment
November 20, 2024
Wall Street stocks finished mixed following a big earnings miss from big-box retailer, Target (TGT –21.4%), as the market grew anxious ahead of Nvidia's earnings. Nervous investors drove up the volatility index (VIX) to its highest level since before the election. From an economic standpoint, the Federal Reserve Bank of Atlanta Business Inflation Expectations remained unchanged at 2.2%, while MBA Mortgage Applications ticked up, showing a resilient consumer in the face of still high mortgage rates. Buyers stepped in the last hour of trading and pared back earlier losses as the different indexes finished mixed. Sectors finished mostly higher with Health Care (XLV), Energy (XLE), Materials (XLB) and Communications Services (XLC) leading while Consumer Staples (XLP), Consumer Discretionary (XLY) and Financial (XLF) underperformed. The DJIA edged higher by 139.53 points (0.32%) and settled at 43408.47. The S&P 500 was flat at 0.13 points (0.00%) and finished at 5917.11 while the NASDAQ was lower by 21.32 points (-0.11%) to close at 18966.14.
Breadth was mixed with declining issues beating advancing issues by 214 units on the NYSE and 131 units on the NASDAQ. Advancing volume was 53% on the NYSE and 60% on the NASDAQ. VIX surged 0.81 points (4.95%) and settled at 17.16. Crude oil was lower by $0.44 (-0.63%), as the December contract closed at $68.95 a barrel. Gold was higher by $25.40 (0.86%) and finished at $2653.50 an ounce. Bitcoin (BTC) closed to a new high at $94,449.66.
With the Technology (XLK) sector holding support at its 50-day MA, the NASDAQ 100 (NDX) not far off that level and the Philadelphia Semiconductor Index (SOX) trading below its 200-day MA, Nvidia's (NVDA) reporting after the close looms large. For investors that are long tech, a breakout above these levels would be constructive for the overall tech trade.
Earnings releases to watch on Thursday include: BJ's Wholesale (BJ), Copart (CPRT), Deere (DE), Intuit (INTU), Netapp (NTAP) and Warner Music Group (WMG).
Thursday's Market Moving Economic Calendar: Jobless Claims, Philadelphia Fed Manufacturing Index, Existing Home Sales and Fed Secretaries Speak.
By Richard Cuvilly
Mubasher Capital (US Market)
21 Nov, 12:08
NTRA Stock achieved the target level at 171.00 with profit 26.85% and kept rallying to 172.12 with profit 27.69% till now. During the Pre-Market session
Mubasher Capital (US Market)
20 Nov, 17:43
TAL rallied to reach the level 10.34 with a profit 4.13% till now
Mubasher Capital (US Market)
20 Nov, 15:16
TAL Stock achieved the first target at 10.25 gaining 3.22% and kept rallying to 10.29 gaining 3.63% till now.
Mubasher Capital (US Market)
20 Nov, 13:41
Stock Trading Idea - NVDA - ( be careful earnings after the main session )
Mubasher Capital (US Market)
20 Nov, 13:38
Stocks End Session Mixed on Geopolitical Concerns
Daily Market Comment
November 19, 2024
The major averages opened sharply lower today following Ukraine's use of long-range missiles into Russia and Putin lowering the bar for using nuclear weapons. The DJIA dropped 450-points at the bell with every sector red, but the different indexes were able to climb back to finish the session mixed. Economic data was weaker than expected with October Housing Starts sliding -3.1%, to the lowest number since July, and Permits were down -4% YoY. Earnings were mixed with Walmart (WMT) hitting a new high after beating estimates and raising guidance, while Lowe's (LOW) disappointed. The turnaround in equities was led by big cap technology stocks with Nvidia (NVDA) surging +4.89% ahead of earnings tomorrow after the close. The Technology (XLK) sector was at the top of the leaderboard at the close followed by gains in Communication Services (XLC) and Utilities (XLU). The Financial (XLF), Energy (XLE) and Healthcare (XLV) sectors were the weakest market groups. Yields nudged lower with the rate on the 10-year T-Bill ending at 4.397%, a one-week low. Risk adverse assets including gold and bitcoin traded higher. The VIX also moved higher early hitting 17.93 before backing off at the close. At the closing bell the DJIA was down 120.66 points (-0.28%) at 43268.94, while the S&P 500 added 23.36 points (+0.40%) and settled at 5916.98. the NASDAQ outperformed jumping 195.66 points (+1.04%) finishing at 18987.47.
Breadth was mostly positive but declining issues held a 101 unit edge on the NYSE, while advancing issues beat declining issues 1.3:1 on the NASDAQ. Advancing volume was 51% on the NYSE and 71% of the NASDAQ. The VIX rose 0.77 (+4.94%) and closed at 16.35. Crude oil prices added 0.46 (+0.67%) and the December contract closed at $69.62 a barrel. Gold prices gained 23.40 (+0.89%) and finished at $2638.00 an ounce. Bitcoin (BTC) closed the session at $93,300.
The escalation in Putin's war rattled investors early but cooler heads prevailed, and global markets bounced back. Expect volatility to pick up over the next few days off geopolitical headlines. Investors were also anxious to take a position in Nvidia (NVDA) ahead of earnings helping to boost the NASDAQ. With light economic data ahead, the major averages are likely to be pushed around by earnings over the near-term.
Earnings releases to watch for on Wednesday include: Nvidia (NVDA), Dycom (DY), Target (TGT), TJX Companies (TJX), Palo Alto Networks (PANW) and Snowflake (SNOW).
Wednesday's Market Moving Economic Calendar: Mortgage Apps, Atlanta Fed Business Inflation Expectations and EIA Petroleum Status Report.
By David L. Blake, CMT
Daily Market Comment
November 19, 2024
The major averages opened sharply lower today following Ukraine's use of long-range missiles into Russia and Putin lowering the bar for using nuclear weapons. The DJIA dropped 450-points at the bell with every sector red, but the different indexes were able to climb back to finish the session mixed. Economic data was weaker than expected with October Housing Starts sliding -3.1%, to the lowest number since July, and Permits were down -4% YoY. Earnings were mixed with Walmart (WMT) hitting a new high after beating estimates and raising guidance, while Lowe's (LOW) disappointed. The turnaround in equities was led by big cap technology stocks with Nvidia (NVDA) surging +4.89% ahead of earnings tomorrow after the close. The Technology (XLK) sector was at the top of the leaderboard at the close followed by gains in Communication Services (XLC) and Utilities (XLU). The Financial (XLF), Energy (XLE) and Healthcare (XLV) sectors were the weakest market groups. Yields nudged lower with the rate on the 10-year T-Bill ending at 4.397%, a one-week low. Risk adverse assets including gold and bitcoin traded higher. The VIX also moved higher early hitting 17.93 before backing off at the close. At the closing bell the DJIA was down 120.66 points (-0.28%) at 43268.94, while the S&P 500 added 23.36 points (+0.40%) and settled at 5916.98. the NASDAQ outperformed jumping 195.66 points (+1.04%) finishing at 18987.47.
Breadth was mostly positive but declining issues held a 101 unit edge on the NYSE, while advancing issues beat declining issues 1.3:1 on the NASDAQ. Advancing volume was 51% on the NYSE and 71% of the NASDAQ. The VIX rose 0.77 (+4.94%) and closed at 16.35. Crude oil prices added 0.46 (+0.67%) and the December contract closed at $69.62 a barrel. Gold prices gained 23.40 (+0.89%) and finished at $2638.00 an ounce. Bitcoin (BTC) closed the session at $93,300.
The escalation in Putin's war rattled investors early but cooler heads prevailed, and global markets bounced back. Expect volatility to pick up over the next few days off geopolitical headlines. Investors were also anxious to take a position in Nvidia (NVDA) ahead of earnings helping to boost the NASDAQ. With light economic data ahead, the major averages are likely to be pushed around by earnings over the near-term.
Earnings releases to watch for on Wednesday include: Nvidia (NVDA), Dycom (DY), Target (TGT), TJX Companies (TJX), Palo Alto Networks (PANW) and Snowflake (SNOW).
Wednesday's Market Moving Economic Calendar: Mortgage Apps, Atlanta Fed Business Inflation Expectations and EIA Petroleum Status Report.
By David L. Blake, CMT
Mubasher Capital (US Market)
20 Nov, 07:48
HIMS Stock achieved the second target at 23.30 gaining 6.39% and kept rallying to 23.64 gaining 7.95% till now. During yesterday's session
Mubasher Capital (US Market)
19 Nov, 19:10
HIMS Stock achieved the first target at 22.75 gaining 3.88% and kept rallying to 23.15 gaining 5.71% till now
Mubasher Capital (US Market)
29 Oct, 19:49
NTRA stock reached the first target at 125.00 with a profit of 3.22% and kept rallying towards 125.82 with a profit of 3.90% till now
Mubasher Capital (US Market)
29 Oct, 19:47
AMD stock reached the target at 167.00 with a profit of 5.10% and kept rallying towards 167.15 with a profit of 5.19% till now
Mubasher Capital (US Market)
29 Oct, 19:43
CRM stock rallied to reach 300.60 with a profit 5.22% till now
Mubasher Capital (US Market)
29 Oct, 19:42
For the holder of SOXL ETF, kindly know that the stock has a resistance level at 38.40 settling above that level shall push the prices to 38.75 - 39.05 - 39.70 . Bear in mind the trailing stop level is trading below 37.10
Mubasher Capital (US Market)
29 Oct, 19:40
SOXL ETF achieved the target at 37.65 with profit 7.11% and kept rallying to reach 38.39 with profit 9.22% till now.
Mubasher Capital (US Market)
29 Oct, 16:26
SOXL ETF achieved the target at 37.10 with profit 5.55% and kept rallying to reach 37.15 with profit 5.69% till now.
Mubasher Capital (US Market)
29 Oct, 16:24
Open stock achieved the target at 1.95 gaining 8.33% and kept rallying to 1.97 to gain 9.44%.
Mubasher Capital (US Market)
29 Oct, 16:20
AMD stock reached the first target at 164.10 with a profit of 3.27% and kept rallying towards 164.16 with a profit of 3.31% till now
Mubasher Capital (US Market)
29 Oct, 16:14
NTRA Stock rallied to reach 124.62 with a profit 2.90% till now
Mubasher Capital (US Market)
29 Oct, 11:25
DJIA Recovers Following Brutal Week
Daily Market Comment
October 28, 2024
The major averages were higher on Monday ahead of earnings for Mega cap tech stocks, a crucial October jobs report and geopolitical tensions in the Middle East. On the economic front, the Dallas Fed Manufacturing survey showed Texas factory activity shot up 18 points to 14.6, its highest reading in more than two years. The NASDAQ came off intra-day highs following some late selling into the close. Today's broad-based rally saw nine of the eleven sectors outperforming, led by Financial (XLF), Materials (XLB), Utilities (XLU), and Communications Services (XLC) exhibiting leadership while Energy (XLE) and Technology (XLK) finished in the red. The DJIA jumped 273.17 points (0.65%) and settled at 42387.57. The S&P 500 was higher by 15.40 points (0.27%) and finished at 5823.52. The NASDAQ rose by 48.58 points (0.26%) to close at 18567.19.
Breadth was positive with advancing issues beating declining issues by 2:1 on the NYSE and over 2:1 NASDAQ. Advancing volume was 72% on the NYSE and 73% at the NASDAQ. VIX finished lower by 0.53 points (-2.61%) and settled at 19.80. Crude oil dropped $3.78 (-5.27%), as the December contract closed at $68.00 a barrel. Gold gained $0.60 (0.02%) and finished at $2755.20 an ounce. Bitcoin (BTC) closed the session at $67,527.07.
With the VIX falling below 20.0 today, the fear index remains below the range that would be considered volatile. In addition, today's advance propelled both the DJIA and S&P 500 above key trendline support areas. This week, 169 S&P 500 companies are scheduled to report earnings which includes a bulk of the ‘Magnificent Seven', which have been the biggest drivers for equities rallying to all-time highs this year.
Earnings releases to watch on Tuesday include: Advanced Micro Devices (AMD), Alphabet (GOOG), American Tower (AMT), Chubb Limited (CB), Chipotle Mexican Grill (CMG), D.R. Horton (DHI), Ecolab (ECL), Mondelez Intern'l (MDLZ), McDonalds (MCD), MSCI Inc. (MSCI), PayPal (PYPL), Pfizer (PFE), Stryker (SYK) and Visa (V).
Tuesday Market Moving Economic Calendar: International Trade in Goods, Retail Inventories, Wholesale Inventories, Case-Schiller Home Price Index, Consumer Confidence and JOLTS.
By Richard Cuvilly
Daily Market Comment
October 28, 2024
The major averages were higher on Monday ahead of earnings for Mega cap tech stocks, a crucial October jobs report and geopolitical tensions in the Middle East. On the economic front, the Dallas Fed Manufacturing survey showed Texas factory activity shot up 18 points to 14.6, its highest reading in more than two years. The NASDAQ came off intra-day highs following some late selling into the close. Today's broad-based rally saw nine of the eleven sectors outperforming, led by Financial (XLF), Materials (XLB), Utilities (XLU), and Communications Services (XLC) exhibiting leadership while Energy (XLE) and Technology (XLK) finished in the red. The DJIA jumped 273.17 points (0.65%) and settled at 42387.57. The S&P 500 was higher by 15.40 points (0.27%) and finished at 5823.52. The NASDAQ rose by 48.58 points (0.26%) to close at 18567.19.
Breadth was positive with advancing issues beating declining issues by 2:1 on the NYSE and over 2:1 NASDAQ. Advancing volume was 72% on the NYSE and 73% at the NASDAQ. VIX finished lower by 0.53 points (-2.61%) and settled at 19.80. Crude oil dropped $3.78 (-5.27%), as the December contract closed at $68.00 a barrel. Gold gained $0.60 (0.02%) and finished at $2755.20 an ounce. Bitcoin (BTC) closed the session at $67,527.07.
With the VIX falling below 20.0 today, the fear index remains below the range that would be considered volatile. In addition, today's advance propelled both the DJIA and S&P 500 above key trendline support areas. This week, 169 S&P 500 companies are scheduled to report earnings which includes a bulk of the ‘Magnificent Seven', which have been the biggest drivers for equities rallying to all-time highs this year.
Earnings releases to watch on Tuesday include: Advanced Micro Devices (AMD), Alphabet (GOOG), American Tower (AMT), Chubb Limited (CB), Chipotle Mexican Grill (CMG), D.R. Horton (DHI), Ecolab (ECL), Mondelez Intern'l (MDLZ), McDonalds (MCD), MSCI Inc. (MSCI), PayPal (PYPL), Pfizer (PFE), Stryker (SYK) and Visa (V).
Tuesday Market Moving Economic Calendar: International Trade in Goods, Retail Inventories, Wholesale Inventories, Case-Schiller Home Price Index, Consumer Confidence and JOLTS.
By Richard Cuvilly
Mubasher Capital (US Market)
28 Oct, 16:33
CRM Stock achieved the target level at 294.80 gaining 3.19% and kept rallying to 296.07 to gain 3.63% till now
Mubasher Capital (US Market)
28 Oct, 15:33
Open stock achieved the first and second target gaining 5.00% and kept rallying to 1.91 to gain 6.11% till now
Mubasher Capital (US Market)
28 Oct, 15:31
For the holder of WULF Stock, kindly know that the stock has a resistance level at 7.05 settling above that level shall push the prices to 7.40 - 7.50 - 7.65 . Bear in mind the trailing stop level is trading below 6.85
Mubasher Capital (US Market)
28 Oct, 15:28
Wulf stock achieved all target gaining 8.33% and kept rallying to 7.24 to gain 9.69% till now
Mubasher Capital (US Market)
25 Oct, 16:09
SOXL ETF achieved the first target at 36.30 with profit 3.27% and kept rallying to reach 36.87 with profit 4.89% till now.
Mubasher Capital (US Market)
25 Oct, 16:07
CRM Stock rallied to reach 294.38 with profit of 3.04% till now.
Mubasher Capital (US Market)
25 Oct, 16:04
OPEN stock rallied to reach 1.84 with profit 2.22% till now.
Mubasher Capital (US Market)
25 Oct, 11:01
NASDAQ and S&P 500 Rally on Tesla Earnings
Daily Market Comment
October 24, 2024
The NASDAQ and S&P 500 were able to bounce back from the prior day's drubbing on a +21.92% spike in shares of Tesla (TSLA) after earnings. The S&P 500 snapped a three-day losing streak getting a boost from better-than-expected earnings from Tesla, ServiceNow (NOW), Lam Research (LRCX), United Parcel Service (UPS) and Raymond James Financial (RJF), while strength in semiconductors helped rally the NASDAQ. The DJIA fell for a fourth consecutive day, weighed down by losses in International Business Machines (IBM) and Honeywell (HON) after disappointing earnings. Economic data saw Initial Jobless Claims drop 15k to 227k vs. 245k expected, quieting fears of a jump due to the hurricanes. Continuing Claims rose 28k to 1.9 million, the highest since November 2021. September New Home Sales also came in better than expected and were the highest since May 2023 on lower mortgage rates. With yields remaining high, investors were once again shifting into big cap technology shares today with the bond market projecting a 95% probability of only a 0.25-point rate cut in November. The major averages were able to crawl off the morning lows in the afternoon with the NASDAQ closing near the high of the day. At the bell the DJIA was off 140.59 points (-0.33%) at 42374.36. The S&P 500 picked up 12.44 points (+0.21%) and settled at 5809.86, while the NASDAQ gained 138.83 points (+0.76%) finishing at 18415.49.
Breadth was positive with advancing issues beating declining issues by 243 units on the NYSE and 158 units on the NASDAQ. Advancing volume was 53% on the NYSE and 59% of the NASDAQ. The VIX eased 0.16 (-0.83%) and closed at 19.08. Crude oil prices eased 0.29 (-0.41%) and the December contract closed at $70.48 a barrel. Gold prices jumped 19.70 (+0.72%) and finished at $2749.20 an ounce. Bitcoin (BTC) closed the session at $68,150.
A slew of earnings whipped individual names higher and lower, but the flat underlying breadth shows investors remain cautious ahead of the election. A small downtick in yields today, remaining below 4.25% on the 10-year Treasury, also helped firm prices. Tomorrow is a lighter day for earnings and economic data so we're likely to see mixed trading ahead of the weekend with the major averages poised to snap their six week win streak.
Earnings releases to watch for on Friday include: AutoNation (AN), Colgate-Palmolive (CL) and Newell Brands (NWL).
Friday's Market Moving Economic Calendar: Durable Goods Orders and Consumer Sentiment.
By David L. Blake, CMT
Daily Market Comment
October 24, 2024
The NASDAQ and S&P 500 were able to bounce back from the prior day's drubbing on a +21.92% spike in shares of Tesla (TSLA) after earnings. The S&P 500 snapped a three-day losing streak getting a boost from better-than-expected earnings from Tesla, ServiceNow (NOW), Lam Research (LRCX), United Parcel Service (UPS) and Raymond James Financial (RJF), while strength in semiconductors helped rally the NASDAQ. The DJIA fell for a fourth consecutive day, weighed down by losses in International Business Machines (IBM) and Honeywell (HON) after disappointing earnings. Economic data saw Initial Jobless Claims drop 15k to 227k vs. 245k expected, quieting fears of a jump due to the hurricanes. Continuing Claims rose 28k to 1.9 million, the highest since November 2021. September New Home Sales also came in better than expected and were the highest since May 2023 on lower mortgage rates. With yields remaining high, investors were once again shifting into big cap technology shares today with the bond market projecting a 95% probability of only a 0.25-point rate cut in November. The major averages were able to crawl off the morning lows in the afternoon with the NASDAQ closing near the high of the day. At the bell the DJIA was off 140.59 points (-0.33%) at 42374.36. The S&P 500 picked up 12.44 points (+0.21%) and settled at 5809.86, while the NASDAQ gained 138.83 points (+0.76%) finishing at 18415.49.
Breadth was positive with advancing issues beating declining issues by 243 units on the NYSE and 158 units on the NASDAQ. Advancing volume was 53% on the NYSE and 59% of the NASDAQ. The VIX eased 0.16 (-0.83%) and closed at 19.08. Crude oil prices eased 0.29 (-0.41%) and the December contract closed at $70.48 a barrel. Gold prices jumped 19.70 (+0.72%) and finished at $2749.20 an ounce. Bitcoin (BTC) closed the session at $68,150.
A slew of earnings whipped individual names higher and lower, but the flat underlying breadth shows investors remain cautious ahead of the election. A small downtick in yields today, remaining below 4.25% on the 10-year Treasury, also helped firm prices. Tomorrow is a lighter day for earnings and economic data so we're likely to see mixed trading ahead of the weekend with the major averages poised to snap their six week win streak.
Earnings releases to watch for on Friday include: AutoNation (AN), Colgate-Palmolive (CL) and Newell Brands (NWL).
Friday's Market Moving Economic Calendar: Durable Goods Orders and Consumer Sentiment.
By David L. Blake, CMT
Mubasher Capital (US Market)
24 Oct, 19:40
SDOW ETF achieved the target level at 13.35 gaining 3.68% and kept rallying to reach 13.26 with a profit 3.76% till now.
Mubasher Capital (US Market)
24 Oct, 10:44
Dow Jones Sinks For Third Straight Session.
Daily Market Comment
October 23, 2024
Escalating concerns of a less dovish Federal Reserve led to the major indexes falling and Treasury yields rising. Mega cap technology stocks took the brunt of the hit with the benchmark 10-year Treasury yield hitting a three-month high, putting stocks under pressure against the backdrop of strong economic data and upcoming U.S. elections. Mortgage applications sank by –6.7% from the previous week as the reduction in volume was in line with the sharp increase in rates. U.S. existing home sales dropped –1.0% to 3.84M units in September for a second straight month, weighed down by rising rates and house prices. The major averages managed to find some buyers in the last hour of trading to come off session lows, but the DJIA finished lower for a third straight session. Nine of the eleven sectors underperformed today, led by Consumer Discretionary (XLY), Technology (XLK) and Communications Services (XLC) while Real Estate (XLRE) and Utilities (XLU) managed to post positive for the session. The DJIA fell by 408.32 points (-0.95%) and settled at 42516.57. The S&P 500 was lower by 56.11 points (-0.96%) and finished at 5795.09. The NASDAQ tumbled 311.68 points (-1.68%) to close at 18261.95.
Breadth was negative with declining issues beating advancing issues by nearly 3:1 on the NYSE and the NASDAQ. Declining volume was 66% on the NYSE and the NASDAQ. VIX finished higher by 1.04 points (+5.71%) and settled at 19.24. Crude oil dropped $0.72 (-1.00%), as the December contract closed at $71.02 a barrel. Gold lost $-31.00 (-1.12%) and finished at $2728.80 an ounce. Bitcoin (BTC) closed the session at $66.580.38.
Negative divergences continue to mount with New 52-week Highs on the NYSE and NASDAQ contracting further while the market's fear gauge, known as the VIX, briefly touching the 20-handle before settling just below that level. In addition, the Materials (XLB) sector is tracing out a bearish double-top chart pattern, as a break below the $95 area could trigger additional downside. Tomorrow's PMI Composite and Jobless Claims will garner a lot of attention in the pre-market as the U.S. economy continues to grapple with stubborn inflation.
Earnings releases to watch on Thursday include: Capital One Financial (COF), CBRE Group (CBRE), Deckers Outdoor (DECK), Dexcom (DXCM), Dow (DOW), Edwards Lifesciences (EW), Hartford Financial Services (HIG), Honeywell Intl (HON), Keurig Dr. Pepper (KDP), KKR & Co. (KKR), L3Harris Technologies (LHX), Northrop Grumman Corp (NOC), Southwest Airlines (LUV), Union Pacific (UNP) and United Parcel Services (UPS).
Thursday Market Moving Economic Calendar: US Jobless Claims, Chicago Fed National Activity Index, PMI Composite, New Home Sales and Fed Balance Sheet.
By Richard Cuvilly
Daily Market Comment
October 23, 2024
Escalating concerns of a less dovish Federal Reserve led to the major indexes falling and Treasury yields rising. Mega cap technology stocks took the brunt of the hit with the benchmark 10-year Treasury yield hitting a three-month high, putting stocks under pressure against the backdrop of strong economic data and upcoming U.S. elections. Mortgage applications sank by –6.7% from the previous week as the reduction in volume was in line with the sharp increase in rates. U.S. existing home sales dropped –1.0% to 3.84M units in September for a second straight month, weighed down by rising rates and house prices. The major averages managed to find some buyers in the last hour of trading to come off session lows, but the DJIA finished lower for a third straight session. Nine of the eleven sectors underperformed today, led by Consumer Discretionary (XLY), Technology (XLK) and Communications Services (XLC) while Real Estate (XLRE) and Utilities (XLU) managed to post positive for the session. The DJIA fell by 408.32 points (-0.95%) and settled at 42516.57. The S&P 500 was lower by 56.11 points (-0.96%) and finished at 5795.09. The NASDAQ tumbled 311.68 points (-1.68%) to close at 18261.95.
Breadth was negative with declining issues beating advancing issues by nearly 3:1 on the NYSE and the NASDAQ. Declining volume was 66% on the NYSE and the NASDAQ. VIX finished higher by 1.04 points (+5.71%) and settled at 19.24. Crude oil dropped $0.72 (-1.00%), as the December contract closed at $71.02 a barrel. Gold lost $-31.00 (-1.12%) and finished at $2728.80 an ounce. Bitcoin (BTC) closed the session at $66.580.38.
Negative divergences continue to mount with New 52-week Highs on the NYSE and NASDAQ contracting further while the market's fear gauge, known as the VIX, briefly touching the 20-handle before settling just below that level. In addition, the Materials (XLB) sector is tracing out a bearish double-top chart pattern, as a break below the $95 area could trigger additional downside. Tomorrow's PMI Composite and Jobless Claims will garner a lot of attention in the pre-market as the U.S. economy continues to grapple with stubborn inflation.
Earnings releases to watch on Thursday include: Capital One Financial (COF), CBRE Group (CBRE), Deckers Outdoor (DECK), Dexcom (DXCM), Dow (DOW), Edwards Lifesciences (EW), Hartford Financial Services (HIG), Honeywell Intl (HON), Keurig Dr. Pepper (KDP), KKR & Co. (KKR), L3Harris Technologies (LHX), Northrop Grumman Corp (NOC), Southwest Airlines (LUV), Union Pacific (UNP) and United Parcel Services (UPS).
Thursday Market Moving Economic Calendar: US Jobless Claims, Chicago Fed National Activity Index, PMI Composite, New Home Sales and Fed Balance Sheet.
By Richard Cuvilly
Mubasher Capital (US Market)
23 Oct, 19:58
SDOW ETF rallied to reach the level 13.15 with a profit 2.90% till now.
Mubasher Capital (US Market)
23 Oct, 19:56
TZA ETF achieved the target level at 14.00 gaining 8.95% and kept rallying to reach 14.16 with a profit 10.19% till now.
Mubasher Capital (US Market)
23 Oct, 19:55
SRTY ETF achieved the target level at 20.70 gaining 8.95% and kept rallying to reach 20.94 with a profit 10.21% till now
Mubasher Capital (US Market)
23 Oct, 17:11
For the holder of SRTY ETF, kindly know that the ETF has a resistance level at 20.60 settling above that level shall push the prices to 20.70-21.00-21.20-21.45. Bear in mind the trailing stop level is trading below 20.10
Mubasher Capital (US Market)
23 Oct, 17:07
SRTY ETF achieved the target level at 20.35 gaining 7.11% and kept rallying to reach 20.60 with a profit 9.42% till now
Mubasher Capital (US Market)
23 Oct, 17:05
For the holder of TZA ETF, kindly know that the ETF has a resistance level at 13.88 settling above that level shall push the prices to 14.00-14.45-14.73. Bear in mind the trailing stop level is trading below 13.55
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