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 The stock market plunged on Friday following a new coronavirus variant from South Africa which fanned worries fresh lockdowns could be imposed if the variant spreads widely. The small-caps and the blue-chips posted their worst day of the year with the latter representing its third worst Black Friday selloff ever. Trading volumes were low due to the Thanksgiving holiday which may have exacerbated the spike in volatility. While it’s not clear the impact this new variant will have on economic growth, investors were extremely nervous as they dumped stocks ahead of the weekend. The Russell 2000 tested a low of 2,215 while finishing at 2,245 (-3.7%) and back below its 200-day moving average. Prior and upper support from mid-October at 2,225-2,200 was tripped but held. A move below the latter would indicate a further slide towards 2,175-2,150. Below is a chart of the IWM.
The Dow tapped a low of 34,749 before finishing at 34,899 (-2.5%) and failing to hold its 50-day moving average. Prior and upper support at 34,750-34,500 was breached but held. A drop below the latter keeps downside pressure towards 34,250-34,000 and the 200-day moving average in play.
The S&P 500 bottomed at 4,585 before ending at 4,594 (-2.3%). Fresh and upper support at 4,600-4,575 failed to hold. A close below the latter would suggest a retest towards 4,550-4,525 and the 50-day moving average.
The Nasdaq settled at 15,491 (-2.2%) with the intraday low hitting 15,456. New and upper support at 15,500-15,350 was tripped and failed to hold. A fade below the latter would be an ongoing bearish development with additional downside risk towards 15,250-15,100 and the 50-day moving average.
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 ANALYST UPGRADES/DOWNGRADESNone MONDAY'S EARNINGS ANNOUNCEMENTS After the close: Arco Platform (ARCE), Golub Capital (GBDC), Navigator Holdings (NVGS), StoneX Group (SNEX) MONDAY'S ECONOMIC NEWS    METALS/ OIL   Not sure the best way to get started?Step #1: Get These FREE Reports & Videos |
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President Biden’s move to tap the U.S. Strategic Petroleum Reserve is expected to supply Chinese and Indian oil needs as gas demands have led to global shortages, reports said Tuesday.
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 Sour crude oil contains high levels of sulfur, which reportedly makes it more expensive to process and traditionally turns buyers away. I hope this article helps in your trading strategy.  The post Oil reserves released by Biden expected to primarily go to China, India appeared first on Trading Concepts, Inc.. |
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Wall Street was choppy on Tuesday with a mixed result as rising Treasury yields weighed on Tech, while gains in the Financial and Energy sectors helped limit the damage in the broader market. Volatility spiked above a key level of resistance for the first time since early October, but held, as investors stayed cautious during the holiday shortened week. The Nasdaq closed at 15,775 (-0.5%) after testing a morning low of 15,601. Prior and upper support from earlier this month at 16,750-16,600 was tripped but held. A move below the latter would likely suggest an ongoing fade towards 15,500-15,350. The Russell 2000 ended at 2,327 (-0.2%) with the session low hitting 2,303. Upper support from late October at 2,325-2,300 was breached but held. A drop below the latter would indicate additional weakness towards 2,275-2,250 and the 50-day moving average. Below is a chart of the IWM. The S&P 500 tested a low of 4,652 while settling slightly higher at 4,692 (+0.2%). Near-term and upper support at 4,675-4,650 was violated but held. A close below the latter would be an bearish development with downside risk towards 4,625-4,600. The Dow was up for the second-straight session after tapping a high of 35,841 before finishing at 35,813 (+0.6%). Current and lower resistance at 35,750-36,000 was reclaimed. A close above the latter would signal additional upside towards 36,250-36,500. Trade your Way to a Fortune with Biotech and Marijuana Stocks!
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ANALYST UPGRADES/DOWNGRADESBumble (BMBL) upgraded to Outperform from In Line at Evercore ISI   WEDNESDAY'S EARNINGS ANNOUNCEMENTS After the close: Anavex Life Sciences (AVXL), Global Cord Blood (CO) WEDNESDAY'S ECONOMIC NEWS METALS/ OIL Not sure the best way to get started?Step #1: Get These FREE Reports & Videos |
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Keep an eye on Cassava Sciences (SAVA). For the second time, Cassava Sciences (SAVA) took a hit on allegations of wrongdoing.
In fact, over the last week, shareholder firm Labaton Sucharow claims the “scientific experiments backing Cassava’s drug, simufilam, are impossible and the biomarker discrepancies ‘are so extreme they suggest lab errors or manipulation.’ Further, the firm claims the results of clinical studies suggest Cassava cherry-picked its patients.” We believe these accusations will blow over. Plus, the company doesn’t seem too concerned, having just initiated its second Phase 3 study of study of simufilam, the Company’s investigational drug for patients with Alzheimer’s disease. “Alzheimer’s disease isn’t going away anytime soon, and neither are we,” said Remi Barbier, President & CEO, as noted in a company press release. “Developing a new drug solution for Alzheimer’s is a daunting task during the best of times. During these times of outlandish allegations made against us by short sellers, we stand committed to translate what we believe is a promising scientific breakthrough into a potentially meaningful treatment for people with Alzheimer’s disease. The rest is noise.” This is just one of the opportunities we find quite often inside Extreme Option Profits.
The post Extreme Option Profits Chart of the Day…Cassava Sciences (SAVA) appeared first on Trading Concepts, Inc.. |
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The stock market opened higher across the board on Monday following the news Fed Chair Powell was nominated for a second term leading the central bank. However, selling pressured ensued in the afternoon with the blue-chips the only major index eking out a slight gain. The Dow traded to a high of 35,929 while settling at at 35,619 (+0.1%). Current and lower resistance at 35,750-36,000 was cleared but failed to hold. A pop above the latter would indicate a retest towards 36,250-36,500. The S&P 500 finished at 4,682 (-0.3%) despite tagging an all-time peak of 4,743. Current and lower resistance at 4,725-4,750 was cleared but failed to hold. A close above the latter would likely signal momentum towards 4,775-4,800. The Russell 2000 closed on the session low of 2,331 (-0.5%). Upper support 2,325-2,300 was challenged but held. A drop below the latter would likely lead to weakness towards 2,275-2,250 and the 50-day moving average. The Nasdaq reached a record peak of 16,212 (-1.3%) before ending at 15,854. Lower resistance at 16,100-16,250 was cleared but held for the second-straight session. A move above the latter would suggest strength towards 16,350-16,500. Trade your Way to a Fortune with Biotech and Marijuana Stocks!
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ANALYST UPGRADES/DOWNGRADESAdobe (ADBE) upgraded to Overweight from Neutral at Atlantic Equities TUESDAY'S EARNINGS ANNOUNCEMENTS After the close: Autodesk (ADSK), Dell Technologies (DELL), Engine Gaming and Media (GAME), Gap (GAP), HP (HPQ), Nordstrom (JWN), Pure Storage (PSTG), VMware (VMW) TUESDAY'S ECONOMIC NEWS METALS/ OIL Not sure the best way to get started?Step #1: Get These FREE Reports & Videos |
 HOST: MARK LONGO, THE OPTIONS INSIDER MEDIA GROUP IN THIS EPISODE MARK, THE ROCK LOBSTER, AND UNCLE MIKE BREAK DOWN:
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President Biden announced Monday that he will nominate Jerome Powell to a second term as chairman of the Federal Reserve, signaling that he believes the battle-tested central bank chief, who navigated the U.S. economy through the depths of the worst recession in nearly a century, is the best person for one of the most high-stakes jobs in the world. The announcement ends months of speculation over whether Biden would stick with Powell, a Republican nominated by former President Donald Trump in 2017, or attempt to reshape the central bank by tapping Lael Brainard, the sole Democrat on the Fed's Board of Governors, to lead it. Only one Democrat has been selected for the top post in more than three decades. Brainard has instead been chosen as vice chair of the board of governors; she will succeed Richard Clarida, whose term expires Jan. 31, 2022. The nominations now head to the Senate for confirmation. The Fed chair – one of the most powerful players in Washington, with the ability to dictate the pace of economic growth – is typically nominated for a second term, often to reinforce the central bank's independence from politics. Powell's four-year term was slated to end in February. Claim $500 to $4600 & More in Hidden Unclaimed Income Every Month Like Clockwork!
Choosing whom to tap is one of the most consequential economic decisions that Biden has made during his first year in the Oval Office, particularly as the White House seeks to quell growing voter unrest about the state of the U.S. economy amid surging prices for everything from meat to gasoline to clothing. But the move is sure to infuriate some progressive lawmakers, who had urged Biden to replace Powell with a candidate more focused on mitigating climate change risks and who favored stricter bank regulation. Under Powell, the Fed reduced certain regulations on big banks, including making it easier for them to make risky trades and easing tests that examine if they could withstand another major economic downturn. Powell and Brainard are remarkably aligned on monetary policy and have both argued that a recent inflation surge – prices rose 6.2% over the past year, the government reported recently – is likely to abate as pandemic-induced disruptions in the supply chain ease. But Brainard, unlike Powell, has been a vocal advocate for stricter regulation of banks, and has dissented on 23 Fed board votes since Powell became chairman in 2018, garnering her approval from Democratic lawmakers. I hope this article helps in your trading strategy. The post Biden Taps Jerome Powell for Second Term as Fed Chair Amid Soaring Inflation appeared first on Trading Concepts, Inc.. |
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The stock market was mostly lower on Friday as renewed concerns over nationwide covid-19 lockdowns in Europe stoked fears about new restrictions around the globe. Options expiration day also weighed on sentiment but not the Tech sector as it traded to a record all-time high. The Nasdaq reached a record peak of 16,121 (0.4%) before finishing at 16,057. Unchartered territory and lower resistance at 16,100-16,250 was breached but held. A close above the latter would indicate additional momentum towards 16,350-16,500.  The Russell 2000 tested a late day low of 2,341 while ending at 2,343 (-0.9%). New and upper support 2,350-2,325 failed to hold. A drop below the latter would suggest an ongoing slide towards 2,300-2,275 and the 50-day moving average. Below is a chart of the IWM.  The Dow closed at 35,601 (-0.8%) after testing a low of 35,555. Prior and upper supper from late October at 35,750-35,500 was tripped and failed to hold. A move below the latter would signal a further fade towards 35,250-35,000.  The S&P 500 bottomed at 4,694 before ending at 4,697 (-0.1%). Current and upper support at 4,700-4,675 failed to hold. A close below the latter would likely lead to a retest towards 4,650-4,625.  Trade your Way to a Fortune with Biotech and Marijuana Stocks!
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ANALYST UPGRADES/DOWNGRADESDatadog (DDOG) upgraded to Outperform from Sector Perform at RBC Capital MONDAY'S EARNINGS ANNOUNCEMENTS After the close: Agilent Technologies (A), Cango (CANG), Elys Game Technology (ELYS), Genasys (GNSS), Ibex (IBEX), Keysight Technologies (KEYS), Tuya (TUYA), Urban Outfitters (URBN), Zoom Video Communications (ZM) MONDAY'S ECONOMIC NEWS METALS/ OIL Not sure the best way to get started?Step #1: Get These FREE Reports & Videos |
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The nonpartisan Congressional Budget Office estimated Thursday that President Biden’s social spending bill will add $367 billion to the federal deficit over the next 10 years, without counting potential revenue from an IRS tax enforcement crackdown that White House officials claim will cover the remaining cost. Claim $500 to $4600 & More in Hidden Unclaimed Income Every Month Like Clockwork!
"The combination of CBO & JCT’s scores over the last week and Treasury analysis make it clear that Build Back Better is fully paid for, and in fact will reduce our nation’s debt over time through $2 trillion+ in revenue raisers and other savings," Yellen said. The administration says the framework agreement’s "pay-fors" will generate nearly $2 trillion in revenue through 2031, covering the bill’s cost and lowering the federal deficit. The White House says much of the revenue will derive from higher taxes on corporations and the wealthiest Americans, as well as enhanced IRS tax enforcement. "CBO does not have experience analyzing revenue amounts gained from tracking down wealthy tax cheats who are taking advantage of every honest taxpayer," White House spokesman Andrew Bates said during a press gaggle earlier this week. I hope this article helps in your trading strategy. The post CBO: Biden spending bill will add $367B to deficit appeared first on Trading Concepts, Inc.. |
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Wall Street was mixed on Thursday following a choppy session with the broader market and Tech closing at fresh record highs. Bullish earnings from Macy’s (M) and BJ’s Wholesale Club (BJ) fueled the upside while some of the bearishness came following hawkish inflation comments. Specifically, New York Fed President Williams said inflation is becoming more broad-based and that expectations for future price increases are rising. Meanwhile, volatility edged higher after testing key resistance levels on the open. The Nasdaq ended at 15,993 (+0.5%) after tagging a high of 16,010. Key resistance at 16,000 was cleared but held. Continued close above this level and the all-time high at 16,053 would suggest additional strength towards 16,150-16,300. The S&P 500 traded to a peak of 4,708 while finishing at 4,704 (+0.3%). Lower resistance at 4,700-4,725 was recovered. A close above the latter and the lifetime top at 4,718 would indicate a breakout towards 4,750-4,775. The Dow kissed an opening low of 35,654 before settling at 35,870 (-0.2%). Prior and upper support at 35,750-35,500 was tripped but held. A drop below the latter would signal a further fade towards 35,250-35,000 and the 50-day moving average. The Russell 2000 closed at 2,363 (-0.6%) with the intraday low hitting 2,348. Fresh and upper support 2,350-2,325 was breached but held. A drop below the latter would suggest additional weakness towards 2,300-2,275 and the 50-day moving average. Claim $500 to $4600 & More in Hidden Unclaimed Income Every Month Like Clockwork!
 ANALYST UPGRADES/DOWNGRADESBoeing (BA) upgraded to Overweight from Neutral at JPMorgan FRIDAY'S EARNINGS ANNOUNCEMENTS After the close: None FRIDAY'S ECONOMIC NEWS METALS/ OIL Not sure the best way to get started?Step #1: Get These FREE Reports & Videos |
