So, I sliced my hand open and I wish that was some cool lead-in to a medical stock or I wish it had some market-related story behind it, but no. I was helping my niece with some work outside in the cold and I sliced my hand on some metal. Gash aside, it’s time to get on with the article until I can figure out a better way to type. In the meantime, I figured I’d do a rapid-fire article about some stocks that I am looking at for the end of the year should the bear rally continue.
Here’s a weekly chart of the SPY. The next level to test is 415 and then we could see a challenge of 430 before the end of the year if the market rallies hard. Most likely I think a run to 415 though.
The 10-2 yield is still inverted and I’d still like to see it come up above -0.45 and then I think we’d see this rally have legs. That may possibly happen later this week if the PPI numbers are favorable, but ultimately we’re still waiting on the Fed.
Here’s the bullish killer though. The U.S. Dollar index started to turn over. The 50-period moving average is heading down, so that is good in the long term, but we could see a reversion to the mean and we could see a little bounce back up. Stocks and the Dollar can trade inversely to one another, so if the DXY rises from here, we could see stocks pull back for a week or two.
Ok, here are some stocks for your watchlist.
Nvidia (NVDA) – has earnings on 11/16. If the stock remains above $131, it could rally for the next couple of weeks. My target is somewhere between $172 and $182 by the end of the year. Again, wait for earnings first.
Caesars Entertainment (CZR). If the stock can find support at this level, look for a run up to $60 by year’s end.
Planet Fitness (PLNT). If bullish conditions continue in the market, expect to see this stock rise to the $77 to $79 level by the end of the year.
Come back tomorrow and I’ll have some bearish candidates and a better way of typing.
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