Market review from UTEX – week 10
The crypto is taking off. Waiting for Powell's speeches. What to trade this week?
Last week closed in the plus again, this is becoming a good tradition. SPY added 1%, Nasdaq +2%.
Bitcoin surprised the most. After a two-week consolidation above $50,000, it went almost to $64,000 in a week, rolled back and is currently testing the $65,000 mark. Altcoins are also steadily rising, especially meme coins – Shiba Inu (+170%), PEPE (+390%), FLOKI (+300% ), Dogwifhat (+360%).
Powell provides his semi-annual testimony to the Senate Banking Committee on Wednesday, and to the House Financial Services Committee on Thursday. Everyone is waiting for signals on rate cuts. Therefore, the markets may react negatively if Powell hints that there will be no rate cut in the first half of the year. Friday will see the release of important labour market data, including the US unemployment rate.
This week's top 5 stocks
GitLab (GTLB). Report on March 4 after the close. GitLab is a service for code storage, version control, and collaborative software development. The stock has been in a steady uptrend for the past year. Looks good for the mid-term, with support around $65.
CrowdStrike (CRWD). Report on March 5 after the close. Cybersecurity company. CRWD fell 10% after a report from Palo Alto, a company in the same sector, but closed the gap for the week. Profit taking is possible, but until a correction matures in the market, shorting is not recommended.
NIO (NIO). Report on March 5 before the opening. Shares of the Chinese electric car maker are not finding the bottom. The levels are already attractive enough for buying, but so far the chart is in a stable downtrend. Support is at $5.
JD.com (JD). Reported on March 6 before the opening. This Chinese company makes money from online commerce and is the third-largest after BABA and PDD. The stock is down 50% for the year. If you believe in Chinese companies, consider a mid-term buy.
Broadcom (AVGO). Report on March 7 after the close. This semiconductor maker is at its peak right now. Fantastic chart, the stock is up 300% since October 2022. The company is in the top 20 in terms of market capitalisation and is aiming for the top ten. High probability of profit taking – the stock is trading at all-time highs.
Profitable trades everyone!
