Market News 7-28-23

A little bit of sell the news unfolded today.

Many stocks opened above the previous high only to close near the lows. One day doesn’t reverse a bullish trend but we need to watch the volume on the down days.

If it’s above average, that means we still look long but with less initial position size.

#META is a great example of this.

Semiconductor stocks came to life this week, although I’d call them “second tier” level. Typically happens when smart money has run out of reasons to buy the leaders. Keep an eye on the #IWM, Russell 2000. When money starts flowing into small caps it’s a reliable warning sign.

Traders watch those stocks going up while the leaders melt lower/see selling, hoping nobody notices. It’s a classic play.

I’m not saying the bullish run is over, just mapping out if/then scenarios for risk management and to make sure your trailing stop loss is not a “mental stop loss.”

Ford rallies after hiking guidance, setting lofty EV targets

The guidance assumes headwinds such as global economic uncertainty and inflationary pressures, higher industry wide customer incentives and continued EV pricing pressure.

In terms of the EV business, Ford (F) now expects to reach a 600K-unit electric vehicle production run rate during 2024.

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First Solar earnings, revenue bring upside as stock shoots higher

Shares of First Solar Inc. FSLR, were moving more than 6% higher in Thursday’s aftermarket action after the solar-technology company easily cleared expectations with its second-quarter results.

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Intel Rallies On Q2 Earnings Beat, CEO Says Chipmaker 'Well-Positioned' In AI

“Our Q2 results exceed the high end of our guidance as we continue to execute on our strategic priorities, including building momentum with our foundry business and delivering on our product and process roadmaps,” Intel CEO Pat Gelsinger said.

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