Market review from UTEX – week 50

On Friday, the stock market closed again in the plus, albeit symbolic, 0.5%. Crypto is growing even faster – bitcoin has tested the $44,500 mark, altcoins are following suit. 

Several companies have announced buybacks, among them Mastercard, ExxonMobil and Bristol Myers. This is a positive signal for the market, other companies may start buying back shares too. 

Wednesday will be the next Fed meeting. 97% of market participants believe that the rate will be kept, but it is better to trade stocks more carefully intraday until the decision is announced. Be cautious in your trades until Thursday.

Top 5 stocks this week

Adobe (ADBE). The developer of Photoshop and Acrobat will report Wednesday after the markets close. The stock is up 85% for the year, and the chart is in a steady uptrend. 

Darden Restaurants (DRI). The multi-brand restaurateur is trading near all-time highs, around $175. If the company releases a good report on Friday before the open, this mark is the near-term target.

Jabil (JBL). The electronics maker will report Thursday before the open. Support at the $110 level, anything above is strictly a buy.

Oracle (ORCL) is another major software developer and server hardware provider. The company will release a report today after the markets close. The stock has been trading in a $100–$127 channel for the past six months. Long, but let's take a look post and premarket first.

Lennar (LEN) is the second largest construction company in the United States. Price has already broken all-time highs three days ago, profit taking is possible. Report on Thursday after the close.

Have a good trade!