Weekender for 6/4
1. Market Summary
Big Nasdaq Names Lead the Upside
- Stocks rally as new money for a new month hits the market, but pare gains in the last hour ahead of the May Jobs Report
- Big Nasdaq names lead the upside as Nasdaq twins, S&P 500 sport strong moves.
- Money moves into oil stocks, metals and other forgotten sectors, but this simply suggests new money being put to work and these moves may not show staying power.
- The PHLX Semiconductor Sector (SOX) somewhat disappoints, DJ30 shows promise, the small-caps and mid-caps show more of the same as the continue to lag.
- Jobs market again shows solid numbers, but wage shrinkage suggests a different story.
- Jobs Report Friday speaks directly to the Fed’s next action or inaction.
Any questions we had Wednesday night about market participants waiting through the jobs report were somewhat answered Thursday. The big-name Nasdaq stocks broke nicely higher, e.g. Amazon, Meta and Netflix. Some chips moved as well, e.g. NVIDIA (5%), Applied Materials, Inc. and ON Semiconductor Corp.
NOTE: The figures and information above are from the 6/1 report.
NOTE: The videos are from the 5/31 report.
P.S. Come join me, some of my Eagle colleagues, and more than 30 other speakers at the Annual Summer Market Summit. This virtual event is from June 5 through June 8. Click here now to sign up for this free, virtual event! See you there!
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2. Targets Hit
Investment House Daily:
As the tech rally continued to its sixth week we were banking gains in some of the big names, as well as some of the hot categories. We banked some gains in several positions:
Amazon.com, Inc. (NASDAQ: AMZN): 45% gain in the options
Microsoft Corp. (NASDAQ: MSFT): 69% gain in the options
Palantir Technologies Inc. (NYSE: PLTR): 284% gain in the options
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Technical Trader:
The market continued its move in three directions: big tech and AI up, most stocks flat, metals lower. We were taking gains in all directions.
C3.ai Inc. (NYSE: AI): 370% gain in the call options
Etsy Inc. (NASDAQ: ETSY): 97% gain in the put options
Meta Platforms Inc. (NASDAQ: META): 104% gain in the call options
Nucor Corporation (NYSE: NUE): 32% gain in the put options
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Rapid Profits Stock Trader:
The AI boon continued to pay off as well as the steady performances of the biotech/drugs and software sectors. We banked some nice gain on the week in all three.
C3.ai Inc. (NYSE: AI): 56% gain in the stock
Geron Corp. (NASDAQ: GERN): 9.5% gain in the stock
ZoomInfo Technologies Inc. (NASDAQ: ZI): 7.7% gain in the stock
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3. Covered Call Options Play
Allegro Microsystems Inc. (NASDAQ: ALGM) — Allegro Microsystems Inc. is currently trading at $39.49. The July 21 $40 calls (ALGM20230721C00040000) are currently trading at $2.20. That provides a return of about 8% if ALGM is above $40 by the expiration.
