Daily update …
Good Morning followers,
I am glad to provide you with a less than 2 min read of what’s moving markets.
Technical Trade of the week
Last weeks trade was long GBPJPY which closed on a take profit of +29.64% for us and our copiers.
We entered this trade with the expectation of a more Hawkish Bank of England and a Dovish Japanese Central Bank, they acted as expected, resulting in a successful TTOTW.
This week we like DJ30 if it pulls back to 34,100 (previous resistance levels) opening a long position with a Stop Loss at 32,680 and a take profit at close to previous highs of 37,000.
As expected jobless claims impressed and after a slow start the 3 indices found their gusto and erased the previous days losses. The NSDQ finishing 1.9% higher lead by semi conductors, which is ironic given 90% of Neon and 35% of Palladium used in US semis comes from Russian which finds its self wrapped in sanctions, not to mention looming interest rate hikes that are causing concern for tech. Otherwise it was a day for materials with the Nucor up 3%. Darden (DRI) was a miss reporting 1.93 EPS with expectations of $2.10 however after an initial drop it got swept up and edged out a small gain.
Chinese stocks pulled back early this morning with Oil and Covid weighing on traders outlook but given the recent rally it may not be best to read too much in to this. President Biden finds himself on the border of Poland and Ukraine and pending home sales are released from the US. FED speak is also on the agenda but most eyes will be on Europes War and the apparent losses being suffered by Russia. Young men and women are needlessly dying because of the whims of those that sit behind desks in palaces. We may also hear from China and any light the black box (BA) can shed on yet another tragedy.
Stock of the day.
Nvidia, Marvel and AMD (9.82%, 6.99% & 5.8%) out performed yesterday but are still down for the year. With yesterdays leader Halliburton taking a breather and erasing some of those gains down 1%.
Thought for the day.
Whatever you do, important or not so, just do it well and with joy.
Enjoy your weekend!
For more information go to Connolly Capital Investments https://connollycapital.co/ or find us on eToro at https://www.etoro.com/people/paulcon33