Here are the market observations for today.
- Dow Jones is at 36K. Is it too risky to invest now? The market is entering one of the most bullish periods seasonally.
- This week – US Fed will announce the Fed policy decision on Wednesday and then the market will have to deal with Jobs data on Friday.
- The upcoming FOMC meeting will be important for three reasons: 1) the announcement of tapering; 2) guidance around what tapering means for the path of hikes; and 3) nuanced changes in views around inflation risks given recent data ~ Bank of America economist Michelle Meyer
- Will Small cap index IWM ETF breakout above 234. A move above 230 today is very encouraging.
- Clean Energy/Alternative Fuels/Hydrogen economy stocks continue to move higher be it FCEL, up 12%, or PLUG up 6%
- “How people pay is undergoing a massive transformation” ~ Paul Williamson, Plaid.
- MQ has made a perfect bullish breakout chart. Here’s how it looks. It’s the business momentum that’s driving the stock higher. The card issuing company added Uber and Bill.com as their new customers.
- BKKT has a momentum of its own. The stock is very volatile to trade but the bullish energy is there for everyone to see. The momentum started when the company signed a partnership with Mastercard to enable card-backed crypto payments.
- Momentum Trading is a methodology. It is not a quick-rich scheme.
- Crypto adoption is the bullish theme right now. No wonder Silvergate SI is up 10% and Coinbase is surging higher. A breakout above $180 will kickstart a new momentum in the SI stock.
- This is what happened to Moderna MRNA stock when it broke past 186. Yes, I will buy SI again if it breaks past 180.
- I am glad IO is on move. It is in my speculative growth portfolio. The stock is up 25% today
- Lucid Motors LCID has a perfect chart and the stock looks like a buy between 35-37. Problem: Earnings on Nov 15?
- Lots of stocks today have made an excellent bullish move like SOFI, MTTR, FUBO but with earnings ahead, its hard to take a position
- Uncertainty is an uncomfortable position. But certainty is an absurd one ~ Voltaire
Trade Sheet:
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
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