- Morning Briefing w/ KevinD
- Posts
- Tuesday March 28 @ 9:00am
"I decided to let my stop loss decide."
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📈 The Markets Overnight
🌏 Asia: Mixed
🌍 Europe: Down slightly
🌎 US Index Futures: Down a bit
🛢 Crude Oil: Up a bit
💵 Dollar: Down
🧐 Yields: Mixed near unchanged
🔮 Crypto: Up a bit
🌏 Major Global Catalysts
Quiet. Banking crisis continues to ease.
💵 Economic Reports and Events Today
Consensus forecasts shown
8:30am Goods Trade Balance -90.2B Difference in value between imported and exported goods during the reported month.
8:30am Prelim Wholesale Inventories m/m -0.1% Change in the total value of goods held in inventory by wholesalers.
9:00am HPI m/m -0.2% Change in the purchase price of homes with mortgages backed by Fannie Mae and Freddie Mac.
10:00am CB Consumer Confidence 101.0 Survey of about 3,000 households which asks respondents to rate the relative level of current and future economic conditions including labor availability, business conditions, and overall economic situation.
10:00am Richmond Manufacturing Index -10 Level of a composite index based on surveyed manufacturers in Richmond.
10:00am FOMC Member Barr testifies on bank oversight before the Senate Committee on Banking, Housing, and Urban Affairs.
📰 Selected Earnings Releases
Consensus Estimates shown
After Hours Today:
LULU Lululemon Athletica EPS 4.260 Rev 2.70B
MU Micron Technology EPS -0.800 Rev 3.73B
PLAY Dave & Buster's Enter EPS 1.560 Rev 629.26M
Pre-Market Tomorrow:
CTAS Cintas EPS 3.040 Rev 2.15B
PAYX Paychex EPS 1.240 Rev 1.36B
🔮 Selected Analyst Ratings Changes
BAM Brookfield Asset Mgmt RBC Capital Reiterates Outperform Maintains 40.00
CCL Carnival Credit Suisse Maintains Outperform Raises to 18.00
CCL Carnival Wells Fargo Upgrades Equal-Weight Targets 9.00
COST Costco Wholesale Telsey Advisory Group Reiterates Outperform Maintains 540.00
MARA Marathon Digital Holdings Chardan Capital Maintains Buy Lowers to 15.00
MNST Monster Beverage Morgan Stanley Maintains Overweight Lowers to 57.50
MSFT Microsoft BMO Capital Maintains Market Perform Raises to 305.00
NVDA NVIDIA Bernstein Maintains Outperform Raises to 300.00
SQ Block Morgan Stanley Maintains Equal-Weight Lowers to 70.00
📉 Stocks In Play
BABA Alibaba Group Holding Up 10% on a report suggesting the company will be splitting into six units that may pursue individual IPOs.
COIN, MARA, RIOT Crypto stocks down around 1.5% as yesterday's CFTC lawsuit against Binance continues to roil crypto markets.
VKTX Viking Therapeutics Up 40% on positive phase 1 results of obesity drug.
LYFT Lyft Up 5% as company appoints new CEO and founders back away.
💬 Commentary
Yesterday's market performance was characterized by choppy and soft trading, as the majority of the gains resulting from a large gap up open and early rally were relinquished throughout the day. Notably, while small caps demonstrated a strong performance, large cap tech exhibited weakness. Moreover, the equal weight indices (RSP, QQEW) displayed a sign of broader-based health that has not been observed since the banking crisis began, as they outperformed their cap weighted counterparts, due to improved breadth and investors casting a wider net in their search for value.
This morning, the markets continue to exhibit a quiet and somewhat soft tone, with a slight gap down opening anticipated near yesterday's low of the day. As such, it is expected that today will be another day of choppy trading, necessitating patience and selectivity. It is likely that mean reversion trades, also known as buy the dip sell the rip, will continue to be favored by traders.
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