Stocks and News on Wall Street - Midweek Read - 06.13.24

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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.

General Financial Education

Most recent financial material (updated weekly)

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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