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- Stocks and News on Wall Street - Midweek Read - 06.13.24
Stocks and News on Wall Street - Midweek Read - 06.13.24
Simplify Wall Street
June 13, 2024
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Table of Contents for 06.13.24
See what’s new on Wall Street 😉 📈 🏢
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Key News + Explanations
Fed Recap
“Not to eliminate the possibility of hikes, but no one has that as their base case,” Powell said. “No one on the committee does.”
— Sarah Min
On Wednesday, the Federal Reserve projected only one rate cut for the remainder of 2024, down from its March forecast that called for three reductions.
Here are the Fed’s latest targets:
Made simple:
It will take time for rates to be lower.
One rate cut is barely a scratch to what needs to be done. If they cut in September, if you want to buy a house instead of paying 7%, you will pay a 6.75% interest rate.
Point is… you aren’t really saving money until we get to 5-5.75%
Market Movers + Analysis
$AVGO - Broadcom Inc is up (+$218) dollars after market hours.
S&P500 + NASDAQ
Key Note - Many pops are being sold during intraday trading hours
$GME gap up early on +$5, but then goes -$7
$SMCI gap up early +$25, but then closes at + $7
$ENPH gap up early +$10 on good news, Closes near flat on the day
This is occurring in various companies. This characteristic is not a healthy bullish movement. It doesn't mean stocks can’t go up, but it does mean that when we do sell, it will not be a light sell-off.
The key bullish activity would be days of range trading above key support levels.
Profits
Stock Market Trading
Bought $ENPH for $150. Sold for Profit at $310. + 100% return
$CRWD for $100 and sold for a profit of $390. Nearly a +400% return.
EQUITY BUYING ALERTS
Stocks that were mentioned in the premium section.
$CHWY Now $22.42 from our $17 support
$SQ saw a high of $84 from our $50 buying zone
$PLTR saw a high of $27 from our $15 level
$BABA saw a high of $88 from our $73 buy alert.
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