The Start of Something Good for Stocks
Earnings season is around the corner and many stocks are trading up already.
We got an amazing start to the week with huge moves in names like NVDA which pulled nearly every semiconductor name up with it.
XBI, the biotech SPDR ETF was up 4.6% and made new 52-week highs. This sector has been on fire since November of last year.
Banks kick off earnings season Friday and the Financials sector has been making new highs.
The weekly chart shows a clear uptrend since the summer of 2022 and XLF looks to be moving back to the top of the channel.
Nearly every sector is above its 20-day simple moving average (SMA). The trend is still higher with the exception of energy.
Energy is the only sector below the 20-day SMA and the 10-year Treasury Note is also in this same situation, clinging to 4%.
This is a bullish set up for stocks across the board and we could see some big moves to close out the month.
CPI data is coming out Thursday, which could reverse sentiment. Otherwise, it appears that the bulls are back and buying the dip.
I really like the bounce for both SOFI and IONQ. At key levels and poised for more upside with clear stop levels to keep losses at a minimum.
Those are today’s trade ideas.
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