Disappointing Jobs data, Speculative Trading and Long weekend

Here are the market observations for today.

1. It is not the news but how the market reacts to the news that matters.
2. US economy added 235K jobs against expectations of 740K jobs. Such a shocker, but all the indices are trading flat.
3. Today looks like a slow day in the market. There is no definitive trend to catch on and the market has not moved a lot despite disappointing jobs data.
4. Will IWM Small cap index breakout above 234 this month?
5. Trading Speculative growth stocks come with huge overnight risk. Everything looked great yesterday and then this.
6. It’s very tough to hold a speculative momentum stock with all this volatility. I continue to like PXLW. 
7. PXLW Pixelworks has a fundamental story backed by analysts. Pixelworks has a visual processing technology and is getting deployed in smartphones like OnePlus, Oppo, ASUS, and TCL.
8. The market seems interested in two themes right now: 1. Semiconductor; and 2 Bitcoin mining
9. AEHR a worldwide supplier of semiconductor test and reliability qualification equipment looks compelling on the chart at the current market price. 
10. Buying Bluechip stock at the line of support with a sectoral support leads to healthy gains. Taiwan Semiconductor bounce from 110 is a great example. I covered it when it was at 110.
11. Semiconductor stocks with solid fundamentals on move: 1. AMD (recommended); 2. NVidia; 3. Himax Technologies HIMX at 200 dma (recommended).
12. Lots of times stocks peak just when you think they are ready to go higher. The story of SPCE. There is bad news for Virgin Galactic as FAA is investigating for safety.
13. Is this speculative gaming stock ELYS finally near the line of support? If it does not break today, it has a good future ahead.
14. If you are looking to invest in a solid bluechip name: CRM Salesforce looks quite good on the chart. There is a secular business trend in its favor:  rising corporate spending on digital transformation projects. Salesforce enables that.
15. Fundamental + Price Action play ~ nCino. The company is doing digital transformation in the banking space with Wells Fargo and US Bank as clients.
16. The rationale for buying nCino now: 1. The cloud banking services provider posted blowout earnings yesterday. 2. The stock gapped up on earnings and is holding the gains. Here’s the chart.
17. SentinelOne S has turned out to be a great breakout trade. I will book 50% here and ride the rest.
18. The breakout to follow: ALIT Alight employee benefits platform. The breakout looks good and the stock should steadily move higher.
19. PVH Corp owns the following brands: Calvin Klein, Tommy Hilfiger, and Van Heusen. The company declared strong earnings but got sold off from the resistance.
20. One segment I am watching: Uranium Stocks. There has been a steep run-up, waiting for declines
21. 466 out of 500 in S&P 500 have reported Q2 results already. Total earnings are up 97.8% on 25.8% higher revenues, with 86.9% beating EPS estimates and 86.9% topping revenue estimates ~ Zacks Earnings Trends issued on Aug 18, 2021.
22. There seems to be buying happening in Gold and Silver mining stocks. The trend is still very unclear except bouncing from the lows. Here’s GDX Golding mining ETF bouncing from the line of support.
23. “The goal of a successful trader is to make the best trades. Money is secondary.” ~ Alexander Elder.
24. Never sit on a trade that’s not performing. It’s never a bad idea to switch than sit and pray in a trade that’s not doing what you expected it to do.
25. Read Yesterday Daily Dose

Do let me know how I can make this section more useful.

Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purposes. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers