Market review from UTEX – week 11
Volatility in crypto is on the rise, NVIDIA is not stopping. Plus 5 trading ideas!
Major US indices on Friday closed slightly down: SPY was down less than 1%, Nasdaq – minus 1.5%.
Goldman analysts raised their forecast for buyback growth in S&P 500 stocks in 2024 from 4% to 13%. This is positive news for the market: buybacks are one of the main drivers. NVIDIA continues to surprise – the stock is up 30% for the month and 6% for the week, even with Friday's 5% correction.
Bitcoin continues its ascent and is now trying to consolidate above $70,000, Ethereum is testing $4,000. In the stock market, this is causing even more volatility in MicroStrategy, Coinbase, Marathon Digital and other cryptocurrency related stocks.
As a reminder, the US has switched to daylight saving time, the market will open an hour earlier today.
This week's top 5 stocks
Oracle (ORCL). Report on 11 March after the close. One of the largest software developers and server hardware vendors. The stock price was unchanged during the quarter. A strong resistance level of $117.50 has formed on the chart. Above this mark, you can buy a little bit at a time for the mid-term.
Adobe (ADBE). Report on 14 March after the close. Developer of Acrobat, Photoshop and dozens of other popular software. Shares are down 7% for the quarter and are trading at the same mark as six months ago. The company is releasing new services with generative AI and is actively investing in the technology. Expect this to be reflected in the report and the stock to rally to its all-time highs around $700. Support at $530.
Ulta Beauty (ULTA). Report on 14 March after the close. Shares of the cosmetics company have been consolidating near their all-time highs for a week now. A big bounce both up and down is possible. This ticker is for those who like to trade on report gaps.
Jabil (JBL). Report on March 15 before the open. The electronics maker is up 300% since mid-2022 and up 30% for the quarter. Not a bad stock to add to a mid-term portfolio.
UiPath Inc (PATH). Report on 13 March after the close. Business automation platform. Support $20–$21. If holds above this level, strictly a mid-term long with good potential.
Have a good trading week!
