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- NVIDIA lifts markets to new highs 🚀
Here is a quick recap of Markets for the Week of February 25th, 2024 and what we are watching this week 👨🏫
The S&P 500 and Dow Jones Industrial Average pushed further into record territory last week as the Nasdaq Composite shifted back into rally-mode, thanks to NVIDIA’s blowout earnings.
NVDA surged +8.5% last week, topping a $2 trillion market-cap for the first time, and leaving its gain this year just below 60%
A fear of missing out (FOMO) on further gains was a powerful directional driver last week.
Here are the key points from last week:
NVIDIA Q4 earnings - surpassed expectations with an EPS of $5.16 and revenue of $22.10 billion, over the projected $4.60 per share and $20.41 billion, respectively. Data Center revenue hit a record $18.4 billion, a 409% increase year-over-year, bolstered by the Hopper GPU platform and strong demand from cloud providers and various industries, despite a decline in China sales.
Fed Speeches - offered ongoing optimism about rate cuts. Fed Vice Chair Jefferson said, that it will likely be appropriate to begin cutting rates later this year, adding that he is cautiously optimistic about the way inflation is evolving. Philadelphia Fed President Harker (not an FOMC voter) said, he believes the Fed may be in a position to see the fed funds rate decrease this year, but cautions anyone looking for it right now or right away.
S&P 500 Heat map for the week
Sector Performance Breakdown
The Week Ahead
Monday, February 26th - Friday, March 1st, 2024
The attention this week will be focused on:
New Home Sales - have been swinging sharply from month to month though December's rise to 664,000 from November's 615,000 was roughly close to the consensus. January's consensus is a sharp climb to 685,000.
- New home sales measure the number of newly constructed homes with a committed sale during the month. The level of new home sales indicates housing market trends and, in turn, economic momentum and consumer purchases of furniture and appliances.Gross Domestic Product GDP - consensus for the second estimate of fourth-quarter GDP is no change at the first estimates' 3.3%. Personal consumption expenditures are also expected to be unchanged at 2.8%
-Gross Domestic Product represents the total value of the country's production during the period and consists of the purchases of domestically-produced goods and services by individuals, businesses, foreigners and government entities.
Personal Income and Outlays - Personal income is expected to rise 0.4% in January with consumption expenditures expected to increase 0.2%. Inflation readings for January are expected at monthly increases of 0.3% overall and an overheated 0.4% for the core (versus 0.2% increases for both in December). Annual rates are expected at 2.4% overall and 2.8% for the core (versus December's 2.6% and 2.9%).
-Personal income represents the income that households receive from all sources including wages and salaries, fringe benefits such as employer contributions to private pension plans, proprietors' income, income from rent, dividends and interest and transfer payments such as Social Security and unemployment compensation.
Most Anticipated Earnings this week
$SPY: S&P 500 after pulling back midweek closed at new all time highs as it traded to 510. It is mid-channel of a very strong uptrending channel so vulnerable for a pullback but the top of the channel takes it to 520.
SPY over 512 trades to 515,518,520. Under 507 pulls back to 500,497,493.
$QQQ: is looking to breakout of its trading range tagging 440 last week, thanks to NVDA, before pulling back to close the week. Over 442 starts its next wave up on its way to 450.
QQQ over 442 trades to 446,448,450,455. Under 434 pulls back to 428,425,420
Have your shopping list ready because a 5-10% pull back will create a BIG buying opportunity for investors!
I do a weekly Markets analysis every Monday during “Office Hours” 8:30pm EST via zoom for the Ceni Capital Community I will be speaking about market sentiment for the next 2-3 weeks, companies reporting earnings this week and the stocks I am watching for Swing Trades.
Trades Recap 📊
If you are interested in making your money work for you by getting our swing trade alerts ahead of time, reply back or comment “Swing Trade” below for more information.
$LABU: Biotech 3x leveraged ETF traded to our $138 price target for +19.89% gain last week. It really needs to get over $142 to get the party started.
$CART: swing trade tagged our next price target at $30 for +19% gain from our $25.66 entry.
$CVNA: Carvana from our watchlist last week tagged our $75 price target for +31% gain overnight on earnings.
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Learn to make your money work for you, rather than you chasing it.
Watchlist 👨🏫
$HOOD: after reporting better than expected earnings a couple of weeks ago, Robinhood is looking to breakout of a multi-year basing pattern and setting up for a +30-40% move.
HOOD over 15.50 trades to 18,20,25. Under 13.50 pulls back to 12
$HIMS: Him & Hers is reporting earnings on Monday after the close. It has been trading in a very tight range for months, if it can break over $10 and hold it may look to make a 25-50% move in the upcoming months.
HIMS over 10 trades to 12.50,15,20. Failure to hold 8.50 trades down to 7 and 6
$MARA: Marathon Digital has been on a hell of a run since November +130% in sympathy to Bitcoin. It is reporting earnings on Wednesday after the close, will its numbers live up to that run or fail to meet expectations?
MARA reclaim of 25 trades back to 30,32,35,38. Failure to hold 22 pulls back to 20,18,15
If you are interested in getting our swing trade alerts ahead of time, reply back or comment Swing Trades below for more information.
*None of these stocks above are recommendations to buy, sell or trade. We do not give financial advice, you should always do your own due diligence and practice proper risk management.*
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