Market review from UTEX – week 7
The market has set new historical highs. What to trade?
The S&P 500 rose 1.3% over the week and climbed above the 5000 mark. The Nasdaq 100 added 2% and also set a new record. Over the month, the indices added 5% and 7% respectively.
Heroes of the week were Palantir Technologies shares, up 40% in four days after the report and Arm Holdings, +60% in just one day. Bitcoin is trending up, going from $42,500 to $48,500 for the week and broke through the $50,000 mark yesterday.
Volatility in stocks is great, and that's why we love earnings season. Two-thirds of companies have already released their results, but there could still be surprises ahead. Stay focused!
This week's top 5 stocks
Airbnb (ABNB). Report on 13 February after the close. Service for short-term rentals around the world. Very strong resistance level at $155, if the stock breaks it and consolidates above – strictly long. Next target is $200
Lyft (LYFT). Report on 13 February after the close. This taxi aggregator is losing out to stiff competition from UBER, and the charts over the past couple of years clearly show that. But things could change with the report, which is where the trend starts to change. The $12 support level.
Coinbase (COIN). Report on 15 February after the close. Quotes of the largest US crypto exchange are strongly tied to cryptocurrencies, and BTC just broke through the $50,000 mark. But it all depends on the details in the report, there could be a gap both up and down. We do not give recommendations here: believe in crypto to the moon – buy.
Kraft Heinz (KHC). Reported on 14 February before the open. One of the largest food manufacturers in the world. The real sector is lagging the high-tech companies, but the market is peaking right now and investors are likely to turn their attention to defensive stocks soon. Good for the mid-term. We believe the bottom has been passed and we are waiting for the uptrend. Support is at $31.
Datadog (DDOG). Report 13 February before the opening. Monitoring and analytics platform for cloud-based applications. Support is near the $120 level. Target is $200.
Successful trades to all!
