Trading Plan: NKLA FSR IOVA CART PRME GTES EXEL

Insider Financial recaps last week's stock market action and discusses our trading plan in this video.

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This video covers SPY, QQQ, IWM, TLT, IOVA, CART, PRME, GTES, EXEL, CVNA, FSR, NKLA, NVAX, BIG.

Well, guys, last week, the S&P 500 advanced 1.66%, the Nasdaq Composite rose 1.40% and the Dow increased 1.30%.

On Friday we saw some profit taking after Thursday’s big runup. Equities on Thursday had their best day in over a year, primarily on the back of yet another blockbuster quarterly report and guidance from Nvidia that surpassed even the loftiest of expectations and sent technology and artificial intelligence-related stocks soaring. The milestones kept coming for the company, which on Friday became the first chipmaker to briefly in market capitalization before paring gains.

For this week:

‍Monday

8 a.m. Building Permits final (January) 

10 a.m. New Home Sales (January) 

10:30 a.m. Dallas Fed Index (February) 

Tuesday

8:30 a.m. Durable Orders (January) 

9 a.m. FHFA Home Price Index (December) 

9 a.m. S&P/Case-Shiller comp.20 HPI (December) 

10 a.m. Consumer Confidence (February) 

10 a.m. Richmond Fed Index (February) 

Wednesday

Notable companies due to report include Salesforce, Baidu, and Snowflake. Options trading implies double-digit share price moves for C3.aiafter the company reports.

Federal Reserve speakers due to make appearances include Atlanta Federal Reserve Bank President Raphael Bostic speaking on monetary policy and the economy, Boston Federal Reserve Bank President Susan Collins participating in a fireside chat at the Dartmouth College Tuck School of Business, and New York Federal Reserve Bank President John Williams participating in a hybrid economic briefing organized by the Long Island Association.

Thursday

The PCE Price Index report will be released. Core PCE has fallen in the last two months on a year-over-year comparison.

This is the Fed’s preferred inflation gauge. This week’s report will likely take greater significance after the reports earlier this month came in hotter than expected.

If the January personal consumption expenditures report comes in softer than anticipated, the report will likely not be a market-moving event. However, a stronger-than-expected reading that suggests the CPI and PPI were not anomalies will likely ding equities and send bond yields higher. 

Investors are concerned that sticky inflation will mean that the Fed will hold onto its higher-for-longer interest rate policy.

Friday

Notable companies due to report include fuboTV and Plug Power.

Key data reports expected include deliveries reports from NIO, XPeng, and Li Auto. Investors will also monitor the monthly Macau gross gaming revenue report.

San Francisco Federal Reserve Bank President Mary Daly will participate in a panel titled "AI and the Labor Market" before the 2024 U.S. Monetary Policy Forum hosted by the Chicago Booth School of Business.

9:45 a.m. Markit PMI Manufacturing final (February) 

10 a.m. Construction Spending (January)  

10 a.m. ISM Manufacturing (February) 

10 a.m. Michigan Sentiment final (February) 

In terms of small caps that I am watching:

Insider buying in EXEL, PRME, CART, and GTES.

Short squeeze list:

CVNA

FSR

NKLA

NVAX

BIG

BOTTOM LINE

As we keep saying, there are always opportunities in the markets, and it’s our job to find winning stocks to trade. Huge gains can be made in such a short amount of time.

It’s essential to look for stocks that have yet to run. There are plenty of opportunities, and we look at hundreds of stocks weekly for our subscribers.

Remember, all it takes is one or two to become a winner, and you’ve crushed the market indices (and Jim Cramer) for the year.

Good luck to all (except the shorts and Cramer)!

WHEN INSIDER FINANCIAL HAS A NEW COMPANY TO RESEARCH, IT IS IMPORTANT TO PAY ATTENTION. AFTER ALL, OUR FREE NEWSLETTER PROFILED MANY TRIPLE-DIGIT WINNERS FOR SUBSCRIBERS. WE ALWAYS ARE LOOKING FOR MOMENTUM BEFORE IT HAPPENS!

Disclosure: We have not been compensated for this article/video. Insider Financial is not an investment advisor; this article/video does not provide investment advice. Always do your research, make your own investment decisions, or consult with your nearest financial advisor. This article/video is not a solicitation or recommendation to buy, sell, or hold securities. This article/video is our opinion, is meant for informational and educational purposes only, and does not provide investment advice. Past performance is not indicative of future performance.

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