- Morning Briefing w/ KevinD
- Posts
- Monday March 6 @ 9:00am
Monday March 6 @ 9:00am
Matthew
March 06, 2023
"The market is always to be considered as having three movements, all going on at the same time. The first is the narrow movement from day to day. The second is the short swing, running from two weeks to a month or more; the third is the main movement, covering at least four years in its duration."
📈 The Markets Overnight
🌏 Asia: Mixed
🌍 Europe: Up
🌎 US Index Futures: Up
🛢 Crude Oil: Down
💵 Dollar: Down slightly
🧐 Yields: Down
🔮 Crypto: Down a bit
🌏 Major Global Catalysts
China targets growth rate of 5%, the lowest in more than 30 years.
💵 Economic Reports and Events Today
Consensus forecasts shown
10:00am Factory Orders m/m -1.8% Change in the total value of new purchase orders placed with manufacturers.
📰 Selected Earnings Releases
Consensus Estimates shown
After Hours Today:
WW WW International EPS -0.020 Rev 224.25M
TCOM Trip com Group EPS -0.030 Rev 714.70M
Pre-Market Tomorrow:
SE Sea EPS -0.770 Rev 3.12B
DKS Dick's Sporting Goods EPS 2.870 Rev 3.44B
SQSP Squarespace EPS 0.110 Rev 222.11
🔮 Selected Analyst Ratings Changes
AAPL Apple Goldman Sachs Initiates Coverage at Buy Targets 199.00
CELH Celsius Holdings Credit Suisse Reiterates Outperform Maintains 120.00
CRWD CrowdStrike Holdings Needham Reiterates Buy Maintains 165.00
FSLR First Solar Wells Fargo Maintains Overweight Raises to 233.00
MNST Monster Beverage Redburn Partners Upgrades to Buy Targets 120.00
PLUG Plug Power Citigroup Maintains Buy Lowers to 20.00
RIOT Riot Platforms Cantor Fitzgerald Reiterates Overweight Maintains 10.00
TDOC Teladoc Health Canaccord Genuity Maintains Buy Lowers to 36.00
TSLA Tesla Jefferies Maintains Buy Raises to 230.00
📉 Stocks In Play
BOIL ProShares Ultra Natural Gas ETF Down 22.5% on the decline in the futures contract.
BBIO BridgeBio Pharma Up 63% on postive phase 2 results.
CIEN Ciena Up 11% on an earnings beat.
💬 Commentary
Last week, there was a notable shift in market sentiment, marked by an indecisive bottom candle on Wednesday and a subsequent rally on Thursday. Indices such as SPY rebounded at a key support level, attracting enthusiastic buyers who continued to buy up stocks until Friday's close. Based on technical analysis, it appears that this bullish trend may continue, but there are also several macroeconomic events this week that could significantly impact the market's trajectory. These include Jay Powell's congressional testimony on Tuesday and Wednesday, as well as Friday's Non-Farm Payrolls report. Despite the presence of several bullish breakout patterns on the charts, the uncertainty surrounding these upcoming events may increase market volatility and potentially disrupt any upward momentum.
As of now, index futures are showing some choppiness but are quietly rallying in the pre-market. However, the energy complex has experienced a significant decline, with natural gas futures down 12.5% and crude oil down over 1%, likely due to a soft economic growth outlook in China. It remains to be seen if this decline in nat gas will spread to the broader market or if it encourages them to buy the dip. Overall, the market's big picture appears murky this morning, with various factors contributing to uncertainty.
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