Weekender for 5/28
1. Market Summary
NVIDIA Blasts AI Stocks Higher
- NVDA blasts artificial intelligence (AI) stocks higher. Everything else, not so much.
- Debt ceiling still working through the process, Speaker McCarthy’s actions suggest a deal is close to sealing for June 1.
- Money markets still getting more money, Fed still lending more money.
- Market is going all-in on AI in addition to the mega-techs.
- Periphery techs will start getting more money as the move continues as not all dollars can go into a handful of stocks.
- Seen this before, e.g. late 1990s into 2000 — lots of money can be made in the rush to celebrate the next big technology … before it busts.
NVIDIA’s 50% better-than-expected results surged the stock 25%, taking the AI-related stocks with it. Thus, Microsoft, Meta, Palantir et al. rallied, as did some chip stocks that may or may not have anything more than a tangential relationship to AI, e.g., Advanced Micro Devices.
NOTE: The figures and information above are from the 5/25 report.
NOTE: The video is from the 5/24 report.
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2. Targets Hit
Technical Trader:
A busy week as saw some of the drugs/biotechs started peaking out, retail continues to struggle and the big tech/AI surge gave us profits from many areas.
ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD): Surged higher for more than a week, and we banked a solid 107% gain in the options.
C3.ai Inc. (NYSE: AI): Playing AI again after a good setup started it higher. A good move into the NVDA numbers and a bit of a pop on those results hit our target, and we banked some of the 73% gain in the options.
Advanced Micro Devices, Inc. (NASDAQ: AMD): Another stock with a great pattern setup and in a sector getting good news. AMD surged on the NVDA results, even though they are not really related, and we banked half the 111% gain in the options on May 25 and another half of the 181% gain on May 26.
Etsy Inc. (NASDAQ: ETSY): We banked a 52% gain in the put options as ETSY continues trending lower. Left some on the table to capture more as the downtrend is pretty entrenched.
Fortinet Inc. (NASDAQ: FTNT): FTNT gamed its way to our initial target early week, hitting the March-April peaks from 2022. We banked half the 40% gain in the options and will see if the stock surges again after a test.
Meta Platforms Inc. (NASDAQ: META): Banked a solid 54% gain in the options as it continued higher with the AI group.
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Rapid Profits Stock Trader:
Banking some profits in the biotech area as their near term move peaked out — as well as an AI stock with a ticker listed as AI.
ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD): 15.6% gain in the stock
C3.ai Inc. (NYSE: AI): 23.5% gain in the stock
Geron Corp. (NASDAQ: GERN): 9.52% gain in the stock
Omeros Corporation (NASDAQ: OMER): 7.11% gain in the stock
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3. Covered Call Options Play
Lattice Semiconductor Corp. (NASDAQ: LSCC) — Lattice Semiconductor Corp. is currently trading at $77.16. The July 21 $80 calls (LSCC20230721C00080000) are currently trading at $4.20. That provides a return of about 10% if LSCC is above $80 by the expiration.
