Weekender for 3/31/2024
1. Market Summary
- After diving into the Tuesday close, stocks try rallying into the close
- NYSE indices show the best moves as Nasdaq, Nasdaq-100 lag
- Leadership continues leaning toward “hard items,” but chips do not look bad
- Gold hits another new high as it continues trading differently this time
- Data dump on Thursday with perhaps the Personal Consumption Expenditures (PCE) moved up from Friday
- Waller’s remarks echo his prior statements about being patient with any rate cuts, does not mention shifting Fed balance sheet this time
- Waller’s hesitancy is likely justified given inflation is going to take off again
The market played opposite day on Wednesday. Whereas Tuesday suffered a sharp selloff in the last 1.5 hours that was blamed on end-of-quarter rebalancing, Wednesday showed a sharp surge in the last hour. Credit the balancing this session? Sure. Rebalancing definitely impacts trading, particularly when a week is holiday-shortened leading into the end of the quarter.
NOTE: The figures and facts above are from the 3/28 report due to the Friday holiday.
MARKET VIDEO
NOTE: The video is from the 3/28 report due to the Friday holiday.
2. Targets Hit
Investment House Daily:
The market is showing some more leadership, and this week, some of the gains we banked show just that: chips to oil and gas to metals to pharma.
Alcoa Corp. (NYSE: AA): 32.3% gain in the options
Century Aluminum Co. (NASDAQ: CENX): 22.44% gain in the stock
Semtech Corp. (NASDAQ: SMTC): 17.14% gain in the stock
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA): 9% gain in the stock, 40% gain in the options
Exxon Mobil Corp. (NYSE: XOM): 63.1% gain in the options
Receive a risk-free trial to Investment House Daily and save 50% by clicking here now!
Technical Trader:
We were old school the past week, as the market is showing some more old school moves in old school stocks.
International Paper Co. (NYSE: IP): 68.27% gain in the options
Walmart Inc. (NYSE: WMT): 100% gain in the options
Receive a risk-free trial to Technical Trader and save 50% by clicking here now!
Rapid Profits Stock Trader:
This past week we went for tech and artificial intelligence (AI) while we let other plays continue to run and build gains.
CleanSpark Inc. (NASDAQ: CLSK), an AI play, broke nicely higher for us. We opted to take half the gains, leaving half to work: 11% gain in the stock
Semtech Corp. (NASDAQ: SMTC): 7.77% gain in the stock
Receive a risk-free trial to Rapid Profits Stock Trader and save 50% by clicking here now!
3. Covered Call Options Play
Marathon Digital Holdings Inc. (NASDAQ: MARA) — Marathon Digital Holdings Inc. is currently trading at $22.07. The April 19 $22.50 calls (MARA20240419C00022500) are currently trading at $2.92. That provides a return of about 18% if MARA is above $22.50 by the expiration.
