Market review from UTEX – week 24

SPY added more than 1% for the week, Nasdaq almost +3%. Among the big companies, chipmakers rose seriously, which is becoming a tradition: NVIDIA +10%, Taiwan Semiconductor +9%, ASML +7%.

Bitcoin and Ethereum have been consolidating at the same levels since May 20. We are waiting for an exit in either direction. The market seems more inclined to a new wave of growth, but crypto is always unpredictable.

On Wednesday, there will be a Fed meeting where the rate decision will be made. 97.8% of market participants are confident that it will remain unchanged. 2.2% are optimistic that the rate could be lowered as early as Wednesday. 

With the exception of events at GameStop, trading activity on the market is declining. This is normal on the eve of the Fed meeting. We advise you to be more careful in your trades before the rate decision is announced – the next days before the meeting are not the best time for intraday trading. 

As tradition, we have picked out five of the best trading ideas for you.

Oracle Corporation (ORCL). Reported June 11 after the close. One of the largest software developers and server hardware vendors. Strong support at $115, looking like the spring is finally ready to uncoil upward. On the daily chart, looks very interesting for a long.

Broadcom (AVGO). Reported June 11 after the close. A major chip designer and manufacturer. The company operates in the hottest sector on the market. The stock is up 6% for the week ahead of the report. The $1,430 level has held since March. If it breaks through, the way to $2,000 is open.

Adobe (ADBE). Reporting June 13 after the close. Developer of Acrobat, Photoshop and dozens of other popular programs. The stock has yet to shoot up in a year, though the company is actively integrating AI into its products and investing in generative artificial intelligence. Moreover, the quotes have slipped 20% in six months. We believe that now is a good price for such a company.

RH (RH). Reported on June 13 after the close. Furniture retailer. A company whose stock always moves well and understandably on the report and a few days after. It's not cheap, but it's quite possible to trade small volume intraday.

Rubrik (RBRK). Reported June 11 after the close. April IPO, the company provides cloud-based data protection solutions. Expect increased volatility. It's very interesting how Rubrik will report. We won't give recommendations, but the ticker is definitely worth adding to your “Watchlist” so you don't miss a move in the stock.

Profitable trading!