Daily Stock Picks $AMZN prime day and I bought $NFLX - 7-11-23 Market update
I bought $NFLX - follow along with all my trades and journal your own here - https://savvytrader.com/Dailystockpick/2023-trading-portfolio
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I go over the Great 8 and price targets - Nasdaq rebalancing on July 24
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NOTES
$amzn prime day
Tomorrow CPI data - I won’t do a podcast but I will have the newsletter
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Yesterday, almost every stock in the Nasdaq 100 went up EXCEPT the magnificent 7 (AAPL, MSFT, GOOGL, AMZN, TSLA, NVDA, META). The only exception was META that went up because its new Threads app gained a record 100m users in 5 days
The Mag 7 declined yesterday because it was announced that the Nasdaq 100 index will be doing a special rebalancing to reduce the weightage of the Mag 7 on 24 July.
Currently, Mag 7 makes up 55% of the Nasdaq 100. This weightage change will reduce it to below 50%. This means that Index ETFs that track the Nasdaq 100 will be forced to sell the Mag 7 and rotate the cash into the other 93 stocks. The market has started to price in this change yesterday.
I expect the Mag 7 to have a bit of price decline because of this in the short-term... may be a great opportunity for investors to add shares if they get weak enough.
Look at $XLE since June
$XOM
$SLB
$OIH
$Mro was guy Adamis final trade and I like it
$dkng
$rivn
$uber
$pins
Look at savy traders portfolio
$pltr
$ulta
$pypl
$sedg - $enph too
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$DKNG (+8.29%), $SOS (+26.33%), $RIOT (+8.91%), $UPST (+12.37%), $MARA (+7.98%), $IOVA (+21.41%), $GRRR (+27.87%), and $NBTX (+24.52%).
Fisker rallying 17% on news of a $340 million convertible note offering that could double. Meanwhile, Carvana shares rose 16% after saying it expects exponential growth in its used EV unit as consumers look for more affordable options
Low-float Chinese stocks remain on traders’ radars, with Prestige Wealth jumping nearly 500% following last week’s initial public offering (IPO)
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Wall Street analysts are bearish on the second half of the year 2023
How accurate are their forecasts?
Every single time Wall Street was net negative on S&P500 2nd half of year returns, market delivered positive gains
1999 = 7%
2019 = 9.8%
2020 = 21%
2021 = 10.9%
2023 = ???
$GOOG Google closes below its 50 day SMA today for the first time in nearly four months!
Below $115 we have a gap to fill.
https://share.trendspider.com/chart/GOOG/29883xattvl
Social requests
$CAKE - by Sherry
$MULN for Joe
Mark from Spotify - Gary can you please cover. $gld at least on Mondays and or Fridays. I believe lots of everyday listeners do play GOLD and SILVER options. Thank you in advance. Great news on your dog.
Evin on FB - $GWW
Sam from fb
Hey would you mind taking a look at PAGP. I have been playing around looking for potential breakouts on finviz and this one kinda looks interesting not sure if it’s got enough upside left.
Carl on YouTube asked about $t
Trevor on fb
Gary, do you think it's a good time to get into $CAT medium to long term?
SCANS
$PYPL
$ETSY
$CRM
$GS
$UMDD
$HIBL
$URTY
$TARK
$ARKG
$ARKF
$ARKW
$ARKK
$WYNN
$RKT
$CAT
$SBUX
$BLK
Vanguard cross ups
$VO
$RSP
$VBK
$VWO
$VOT
$VB