Market review from UTEX – week 21
NASDAQ and S&P 500 are at new all-time highs. BTC is out of the downtrend. Here are 5 trading ideas!
Major US indices rose and consolidated at their historical highs: SPY +1.5%, Nasdaq +2%. Good results for the week were shown by BABA +10%, AMD +8% and WMT +7%.
Bitcoin came out of the downtrend and is ready for a new wave of growth. Now BTC is trading at $67,000. Among altcoins, we note FTM +30% and Solana +22% for the week.
On Wednesday, the Fed will release the minutes of its last meeting. Thursday will see the release of new home sales data for April.
The most anticipated event is, of course, NVIDIA's report. The company will publish it on May 22 after the markets close.
In the meantime, here is our traditional selection of trading ideas.
Palo Alto Networks (PANW). Reporting on May 20 after the close. Information security leader. The stock fell from $360 to $260 after the February report, but has gradually gotten into an uptrend and is already trading at $317. If the company reports well, there's a chance it could get back to the highs.
Autozone (AZO). Reporting on May 21 before the open. Automotive parts maker. A stock that goes up every time and in every market. In 2005, AZO was worth $90, now it's at $2900! Maximum risk to trade. It would be interesting to see its legendary fall (which may not happen).
PDD Holdings (PDD). Reporting on May 22 before the open. Chinese marketplace and online discounter. Given the increased interest in Chinese stocks, we can't pass this one up. Not a great entry point from a risk perspective. Strong resistance at $150, but further open area to $200, the level at which the company traded in 2021.
NetEase (NTES). Reporting on May 23 before the open. Chinese technology company, media holding and online game developer. The stock took a big dip after the December report, but has gradually regained ground. Dark horse, could take a shot.
NVIDIA (NVDA). Reporting on May 22 after the close. A major phenomenon of the last two years in the market: the stock has gone from $110 to almost $1,000 since October 2022. The company now ranks third in terms of capitalization. Let's see if the stock breaks through $1000 on the day of the report.
Successful trades!
