- Morning Briefing w/ KevinD
- Posts
- Friday February 24 @ 9:00am
Friday February 24 @ 9:00am
Matthew
February 24, 2023
"Charts enable us to see what's going on in a particular stock as buyers and sellers come together in an auction marketplace. They distill the clash for emotional and logical decisions into a clear visual display."
📈 The Markets Overnight
🌏 Asia: Down
🌍 Europe: Down
🌎 US Index Futures: Down significantly
🛢 Crude Oil: Up a bit
💵 Dollar: Up strongly
🧐 Yields: Up
🔮 Crypto: Down
🌏 Major Global Catalysts
China vows to prevent the Ukraine conflict from worsening.
💵 Economic Reports and Events Today
Consensus forecasts shown
8:30am Core PCE Price Index m/m 0.4%, 0.6% reported. The Fed's preferred inflation index measures the change in the price of goods and services purchased by consumers, excluding food and energy.
8:30am Personal Income m/m 1.0%, 0.6% reported. Change in the total value of income received from all sources by consumers.
8:30am Personal Spending m/m 1.4%, 1.8% reported. Change in the inflation-adjusted value of all expenditures by consumers.
10:00am New Home Sales 620K Annualized number of new single-family homes that were sold during the previous month.
10:00am Revised UoM Consumer Sentiment 66.4 Survey of about 500 consumers which asks respondents to rate the relative level of current and future economic conditions.
10:00am Revised UoM Inflation Expectations Survey of about 500 consumers which asks respondents where they expect prices to be 12 months in the future.
📰 Selected Earnings Releases
Consensus Estimates shown
After Hours Today:
None
Pre-Market Tomorrow:
FUBO FuboTV EPS -0.710 Rev 285.54M
LI Li Auto Inc EPS -0.010 Rev 2.50B
TREE LendingTree EPS -0.340 Rev 208.14M
🔮 Selected Analyst Ratings Changes
BYND Beyond Meat Mizuho Maintains Neutral Raises to 20.00
DISH DISH Network Raymond James Maintains Strong Buy Lowers to 27.00
DISH DISH Network Barclays Maintains Underweight Lowers to 14.00
JPM JPMorgan Chase Morgan Stanley Maintains Overweight Raises to 173.00
LMND Lemonade Piper Sandler Maintains Neutral Lowers to 18.00
ROKU Roku Needham Reiterates Buy Maintains 80.00
SQ Block Morgan Stanley Maintains Equal-Weight Raises to 72.00
SQ Block Canaccord Genuity Reiterates Buy Maintains 150.00
TTD Trade Desk Needham Reiterates Buy Maintains 68.00
📉 Stocks In Play
BYND Beyond Meat Highly shorted name up 12% on a slight earnings beat, a promise to slash expenses, and analysts upgrades.
OCEA Ocean Biomedical Down 25% Yesterday's high flyer continues to pullback from the 300+% gain since being highlighted here yesterday.
BAER Bridger Aerospace Up 84% and volatile on filing showing JCIC Sponsor takes 22.4% stake.
💬 Commentary
Yesterday was a turbulent day in the market, with the major indices opening strong but then plummeting in the morning before staging a strong rally in the afternoon. As we've been pointing out, this kind of volatility can be expected in a range-bound market, and it's a good opportunity for mean reversion trades.
This morning, there was an important economic report coming out at 8:30 AM, the PCE Index, which has already caused significant pullbacks in the major indices. Ahead of the report sellers were in control and they've really taken control after the report came in hot. We'll probably see the bears dominate throughout the day. However, there are signs that buyers are starting to make a stand at yesterday's low, and the market is finding some support.
It's worth keeping an eye on the SPY 392 - 390 range over the next few days, as this area could be a major support level. While sellers seem to be dominating for now, sudden reversals are always possible, especially as the bulls start to see attractive buying opportunities.
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