Market review from UTEX – week 13

The market returned to strong growth with the S&P 500 adding 2% and the Nasdaq adding almost 3%.

There were two successful IPOs last week: Reddit and Astera Labs placed at the upper end of the range and opened even higher.

As expected, the Fed left rates unchanged. The tone of Powell's statements was generally neutral. The good news is that the Fed raised its 2024 U.S. GDP growth forecast from 1.4% to 2.1%.

The bitcoin price dipped to nearly $60,000 on Wednesday, then reversed to $68,000 and is now trading at $67,000.

Five ideas for trading this week

Carnival (CCL). Reported on March 27th before the open. Shares of the cruise company pushed off from a local bottom of $11 in November and were as high as $19 by the end of December. After the latest report, the stock corrected to $14.5 and went into an uptrend. It is possible to try a medium-term trade with a stop behind this level.

Walgreens Boots Alliance (WBA) reported on March 28 before the opening bell. It is the largest drugstore chain in the US. If the stock holds strong support at $20, you can buy with a small stop. The minimum price target is $19.68.

Cintas Corporation (CTAS). Reported on March 27 before the open. Provider of corporate uniforms and related services. Shares are up nearly 50% year-to-date and 15% for the quarter. There could be good but unpredictable movement on the day of the report.

nCino (NCNO). Reported March 26 after the close. Cloud software provider for financial services companies, going public in 2020. Can be pushed off a strong support level around $27–$28. Shorting is not recommended.

Semtech (SMTC). Report on March 28 after the close. The semiconductor manufacturer's stock has been in a downtrend since 2022, but it reversed in November 2023. There is little intraday movement, purely for the midterm. Support is at $18.

Have a good trade!