Stock Market News 7-17-23

Market Insights

Stocks had a good week. Some with multiple bullish gaps and all time highs (#LEN). WE call this scenario a bullish echo. Too far from the optimal entry, but clearly a long.

This means stocks with the biggest gains from last week need to settle in before a new swing trade entry. But that’s okay because sector rotation has broadened so there’s plenty of stocks to consider.

We’re starting Monday with a heavy week of earnings on tap from some big players, including #TSLA and #NFLX (scheduled Wednesday). 

Major financial stocks reported on Friday as #JPM and #WFC opened with a massive gap higher, only to be met with selling for the remainder of the day. #C showed the same price action but the stock price got hit much harder.

Some profit taking in Wells Fargo, not so much in the other two. Earnings were solid, they passed the stress tests and guidance was okay. 

It’s been a while since we’ve actively traded these stocks. Let’s keep them in a watchlist, could finally be the quarter they follow through. #MS #BAC and #GS are scheduled for this week too, if they look good too, we could have the next rotation to ride. 

One big piece of news for the week is the #QQQ rebalancing.

The Invesco QQQ Trust, which tracks the Nasdaq 100 Index, is set to undergo some changes. The index will be rebalanced to include new companies and remove others. 

The changes aim to reflect the evolving market and ensure the index remains representative of the technology and growth sectors. The rebalancing will take place in May and will impact the holdings of the QQQ ETF.

Ripple says U.S. banks will want to use XRP after partial victory in SEC fight

The company believes that a favorable outcome in the case will provide clarity on the regulatory status of XRP, potentially leading to increased adoption by financial institutions. 

Ripple is currently facing allegations from the SEC that it conducted an unregistered securities offering through the sale of XRP.

Top pharma picks in Barclays Q2 preview

Barclays Q2 2023 earnings preview on biopharma comes at a time when healthcare has become a notable laggard in the S&P 500 this year: Pharmaceutical companies in the benchmark index have lost ~5% YTD.

With challenging backdrops even for companies with the potential to post quarterly beats, a sector rebound will be more of a case of macro factors than the upcoming earnings season, Barclays analyst Carter Gould argues.

Conquering A Fast-Growing Database Market, With Help From AI

This stock is firing on all cylinders to move up in the massive and fast-growing database market, which is getting a huge boost from artificial intelligence. MDB stock has doubled this year on the back of stellar earnings and new product releases.

The market potential for MongoDB is huge, analysts say. Market research firm IDC estimates the database market will grow to 136 billion in 2027 from 81 billion in 2023.

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