- Morning Briefing w/ KevinD
- Posts
- Monday January 8 @ 9:00am
Monday January 8 @ 9:00am
Markets a little choppy and indecisive on negative catalysts but trying to move higher
Matthew
January 08, 2024
“Most new traders believe they are trying to make money, but really they are trying to achieve a high win-rate”
📈 The Markets Overnight
🌏 Asia: Down, China down a lot
🌍 Europe: Up
🌎 US Index Futures: Mixed near unchanged
🛢 Crude Oil: Down significantly
💵 Dollar: Near unchanged
🧐 Yields: Up a bit
🔮 Crypto: Up
🌏 Major Global Catalysts
💵 Economic Reports and Events Today
Consensus forecasts shown
📰 Selected Earnings Releases
Consensus Estimates shown
After Hours Today:
None
Pre-Market Tomorrow:
🔮 Selected Analyst Ratings Changes
AMD Advanced Micro Devices Melius Research Upgrades to Buy Maintains 188.00
BLNK Blink Charging Needham Upgrades to Buy Targets 7.00
DASH DoorDash Jefferies Upgrades to Buy Raises to 130.00
ENPH Enphase Energy Wells Fargo Upgrades to Overweight Raises to 141.00
TOL Toll Brothers Wolfe Research Upgrades to Outperform Targets 118.00
UPWK Upwork Jefferies Upgrades to Buy Raises to 20.00
📉 Stocks In Play
BA Boeing Down 8% after grounding of 737 MAX 9 planes due to a mid-flight dorr plug blowout. See also supplier SPR, and heavy 737 users ALK and UAL. (link)
CROX Crocs Up 8% on raised guidance. (link)
BLNK Blink Charging Up 14% on an analyst upgrade. (link)
ENPH Enphase Energy Up 3% on an analyst upgrade. (link)
JD JD.com Down 6% after a subsidiary, Dada, discovered suspicious practices in an internal audit. Also affecting Chinese mega-cap peers BILI, BABA, BIDU, PDD, etc. (link)
AAPL Apple climbing on late breaking news Apple Vision Pro available in the U.S. on February 2. (link)
💬 Commentary
The major indices recovered very slightly in choppy trading on Friday, but the small-cap index IMW added slightly to the week’s losses. Financials and communications were the leading sectors on the day, up around 0.4%, while REITs and staples lagged down slightly.
Earnings season officially begins this week with the big banks reporting on Friday. The economic calendar is light to start the week but will focus on inflation with the very closely watched CPI (Consumer Price Index) report on Thursday and PPI (Producer Price Index) on Friday.
The week is off to a bit of a tumultuous start this morning with Boeing and oil news, but these are catalysts that should be short-lived and easily shaken off. We should probably expect last week’s choppy trading to continue through the first part of the week as traders, still focused on the Fed and interest rates, will begin positioning against Thursday's critical inflation report. We’ll be hearing from Fed governors today and through the first part of the week, which likely adds to the volatility. Like Friday’s overall price action, we're seeing SPY and QQQ slightly higher in the pre-market, with IWM slightly lower. However, we're observing some early selective rotation into mega-cap tech, a potential trend that we'll be watching very closely for continuation.
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