Daily Stock Picks

Jobs report was good - that's bad news - $PXD - I bought more - 10-6-23 Market Update

Oct 6, 2023

41:13

I bought more $PXD so subscribe to me on Savvy Trader to get those alerts. I also still love $NFLX at these prices and $SMCI and $NVDA should continue to move. I think it was a great episode today for a Friday.

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NOTES

The jobs report - CRAZY STRONG - this is REALLY bad meaning we may see the Fed raise in Nov - 3.8% unemployment is one of the lowest rates

330k new jobs in Sept and Aug was adjusted to 270k from 190k - it’s an absolute blow out

This means we are NOT seeing a softness in the job market like the fed has been saying which would indicate the Fed has to raise

Remember - we hit bottom when good news is good news - this is good news is bad news

VIX is at 19 so there’s no panic selling - it’s just no buyers

Bonds went CRAZY - 2 to 10 inversion shrunk to it’s lowest rate since it inverted - the 10 went from 4.7% to 4.8% which is a BIG move

We initially discussed traders and investors identifying a confluence of technical “levels” and indicators in the $410-$420 range of the S&P 500 ETF $SPY. As we pointed out last time, not only is the market’s May breakout level near 420 but so is the volume-weighted average price from its 2022 highs and 2022 lows.

And with buyers stepping in over the last few days, chatter is beginning to build that this area could stem the recent 10% pullback

$spy sell rating and the magnificent 7

$PFIE - Energy name from Seeking Alpha I found that Christian is holing at $1.14 - is it going back to $3 or to $1?

I still love $SMCI and notice how $nvda rides that 200 day

$RIVN - this could be a time to buy for a trade - not to hold

$boil

$sco

$pxd is up on more rumors of $xom buying them again

$tsla cut prices again by $2k

I still like $pypl

$nvda - OpenAI may make their own chips

$META - new ways that Meta may be able to generate revenue from AI