Trading Plan: 9 November 2022
Nasdaq (+0.49%) tried to go higher but sellers came in and sent the price back to the lows. During the second part of the day, buyers succeeded to push the prices back, closing more or less flat for the day. Watching the recent low and EMA21 for now.
SP-500 (+0.56%) closed also higher and remained above the EMA21 and SMA50. This might be a good sign if the price also remains in the area for more consolidation. A new base here can be healthy. Watching the recent lows and the ~3900 level.
In the news
Autos giant Renault is betting the market for gasoline cars will continue to grow.
Elon Musk sells at least $3.95 billion worth of Tesla shares after the Twitter deal.
FTX’s token plunges 80% on liquidity concerns, wiping out over $2 billion in value.
Huge DeSantis win shows presidential punch.
Sectors
Best yesterday sector: Communication Services, then Technology. Worst sector: Utilities.
Best weekly sector: Basic Materials, then Energy. Worst sector: Technology.
Best monthly sector: Energy, then Industrials. Worst sector: Communication Services.
Sentiment
NAAIM (weekly, neutral between 70 and 90): 54.57
VIX (neutral under 20): 25.54
Put / Call Ratio (neutral between 0.7 and 1): 1.15
CNN Fear & Greed: 58 (Greed)
Breadth
Stocks above SMA40 (neutral between 30 and 80): 62.90%
Stocks above SMA200 (neutral above 30): 39.00%
Number of stocks that increased yesterday by more than 4%: 241
Number of stocks that decreased yesterday by more than 4%: 285
McClellan Oscillator (neutral between -125 and 100): 111.48
Earnings Reports
Disney DIS 0.00%↑ misses on profit and key revenue segments warns streaming growth could taper. Electric vehicle maker Lucid LCID 0.00%↑ reports third-quarter loss, confirms it’s on track to meet production guidance. Novavax NVAX 0.00%↑ posts third-quarter loss but beats revenue expectations. Lyft LYFT 0.00%↑ shares fall after disappointing revenue, active rider miss.
Analysts are in wait-and-see mode on Beyond Meat BYND 0.00%↑ ahead of the plant-based protein maker's third-quarter earnings report, due out after the Nov. 9 close. Consensus estimates are for a per-share loss of $1.14 – wider than the per-share loss of 87 cents the company reported one year ago – and revenue of $98.1 million (-7.8% YoY). Bumble BMBL 0.00%↑ stock tumbled nearly 9% on Aug. 11, after the online dating platform reported a wider-than-expected loss in its second quarter and gave weak Q3 revenue guidance. Analysts expect the company to report earnings of 1 cent per share, compared to a per-share loss of 6 cents in the year-ago period. Revenue is forecast to land at $237.5 million (+19.5% YoY).
Other noteworthy earnings reports for today:
What to trade today
Market is in indecision mode. It seems investors and traders are waiting for early tomorrow’s CPI report. So, there is no need to play bets before having some more clues.
Just watching, no plan to trade for today.
Do your due diligence if or when placing a trade. All ideas stated here are my own and do not represent trading or investment advice.