SPY Chart done on hourly timeframe. Markets are set to close out the final week of 2023 this week and many are wondering if it’ll bring forth a Santa Rally, furthering the push we’ve seen over the last eight weeks. Investors have been riding the bullish wave on hopes that inflation is easing and The Fed will slash interest rates in 2024. Last week’s PCE report reflected a 2.6% change from a year ago in November, which is the closest we’ve gotten to The Fed’s 2.0% inflation reading. Although this is great news, it wasn’t enough to send markets higher on Friday, likely due to a decline in volume ahead of the holiday weekend. Since there aren’t many related economic...
MARA Chart done on daily timeframe. Mara shares have enjoyed a year end rally as cryptocurrency markets begin their path to potential recovery. The high risk asset “Bitcoin” is up more than 100% in 2023, driving other related assets higher along with crypto related stocks. Those who traded markets back in 2020-2021 are very familiar with Mara, as it was one of the best performing mining stock at the time, moving to highs above 80.00. Now with crypto’s rally, many are wondering if Mara can climb back to see those highs again. Looking at its technicals, Mara is not currently displaying any signs of weakness, but the rally is becoming a bit vertical. Sharp rallies such as these can be...
$MU Post Earnings Breakdown: Chart done on daily timeframe. Shares of the semiconductor company, Micron, are trading higher today after the company’s latest earnings report. The company’s revenue came in at $4.73B, up from same quarter last year of $4B. The company’s net profit is still in the negative territory. The positive reaction can be attributed to their guidance/forecasts. Micron raised guidance into 2024, citing a potential rebound in PC demand. What we’re seeing from MU today is a “power earnings gap-up.” These moves can often lead to multi-week/month rallies, but the key is for the stock to hold the gap levels. For MU in specific, that level is around 83.30. If buyers can defend that support then we see...
SMCI Chart done on hourly timeframe. Super Micro Computer is an electronic technology company that manufactures a brand range of information technology and computer products and solutions. The company’s leading customers are names such as Nvidia, AMD, and Intel, all of which expected to grow in double digit percentage points in the next year. Demand for computer technology and semiconductors has given companies such as SMCI a chance to substantially grow their business. We’ve seen this reflected in the company’s revenue over the last four years, where the company went from reporting 3.56B in annual revenue in 2020 to doubling revenue in 2023 to 7.12B. Many tech companies struggle to maintain profitability as revenue grows, SMCI’s net income has grown...
Nike Pre-Earnings Analysis Nike’s quarterly earnings are expected later this week on Thursday after market close. The company is expected to post revenues of $13.4B, up from last quarter’s $12.94B, but just around same quarter last year of $13.31B. Analysts adjusted their earnings from this year with a “recession” mindset so they weren’t too optimistic on Nike being able to come in above last year’s numbers. With that in mind, we’re watching Nike’s ability, not to beat last quarter’s numbers, but to beat last year same quarter numbers. If they can do that, then buyers will likely come in to buy the stock. We’re confident Nike will beat earnings for a few reasons. The strong dollar is the leading reason...
