Invest and Trade Profitably with Jon Johnson

Weekender for 3/24/2024

1. Market Summary

  • Stocks continue the drive higher the day after Powell spoke
  • All stock indices move higher, but the laggards show the best action as they play catch up
  • Swiss National Bank pops an unexpected rate cut. The Rubicon has been crossed.
  • Thursday’s data generally better, but the reality stories dealing with restaurant activity, credit card delinquencies and returning inflation are concerning

Stocks continued the post-Powell push upside, but it was not as good as it could be. Specifically, while all indices gapped higher in the continued pivot two excitement, the tech indices and, to a lesser extent, the S&P 500 faded from the gap openings, closing below the opening prices.  In contrast, S&P 400, Russell 2000, DJ20 and DJ30 all gapped then rallied higher to close. PHLX Semiconductor Sector (SOX) was in between — it gapped nicely and closed with a 2.29% gain … even though it closed below its opening price.

NOTE: The figures and facts above are from the 3/21 report.


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NOTE: The videos are from the 3/20 report.

2. Targets Hit

Investment House Daily:

Energy stocks showing a lot of energy, particularly the oil and gas stocks. So much so we were almost exclusive on them when it came to banking some profits. We bought positions in various sectors on the week, but the oil and gas stocks were the group that started running behind the big techs, so they were ripe to bank some gains.

HF Sinclair Corp. (NYSE: DINO): 70.21% gain in the options

Permian Resources Corp. (NYSE: PR): 14.88% gain in the stock

Exxon Mobil Corp. (NYSE: XOM):  51% gain in the options

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Technical Trader:

As the big name tech cooled off after making us some great scratch on stocks such as Lam Research Corporation and Meta, and the Bitcoin-related stocks also cooled after Coinbase Global Inc. and ProShares Bitcoin Strategy ETF returned some impressive results, it was more basic industrial-related stocks turning the coin for us this week. Metals, materials and the like had their day, as well as the market shows some decent, though still sparse, rotation.

Freeport-McMoRan Inc. (NYSE: FCX): 69.75% gain in the options

Fastenal Co. (NASDAQ: FAST): 125% gain in the options.

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Rapid Profits Stock Trader:

Very heavy metal this past week, some heavier than others. We have seen industrials and precious metals set up after long bases, and we are banking some gains on them as they turn back up.

Century Aluminum Co. (NASDAQ: CENX): 6.45% gain in the stock

McEwen Mining Inc. (NYSE: MUX): 11.38% gain in the stock

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3. Covered Call Options Play

United States Cellular Corp. (NYSE: USM) — United States Cellular Corp. is currently trading at $36.49. The April 19 $40 calls (USM20240419C00040000) are currently trading at $1.20. That provides a return of about 17% if USM is above $40 by the expiration.

Learn more about our Covered Call Tables here!

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