Raw Transcript
Welcome to my view of the stock market. Today is Tuesday, February 24th. This is a daily review. I'm going to uh you know re just review the day. Kind of a strange day. You're looking at a daily chart of the NASDAQ which was up 236 points or a little over 1%. So that would qualify as a um follow-through day. It's just we didn't have the volume. It really didn't have the feel of a follow-through day. Follow-rough day should be something that's pretty impactful and you can feel typically, not always, but you know, it met the 1% criteria. It's just the volume wasn't there. And you can see recently the the down days have the big volume and the up days the light volume. This is exactly opposite of what you want to see. And you can see it more pronounced on the weekly here. We had those, you know, five weeks of selling and then last week, you know, in a holiday shortened week, we had a little wimpy up up week of 1 and a half% but and then uh monthly overall three out of the last four months here. We're down. So, we're not looking too good here. Um on the NASDAQ, just a choppy choppy choppy tape. Leaders are leading though, and there's a lot of areas to avoid, which I'm going to talk about here in a minute. The IWM uh was also up 1% volume wasn't there pretty uh you know similar you know across the board just a light volume day here the spy so when the when the markets are up it's light volume when they're down it's heavy volume that's opposite of what we want to see all right I'm going to just get to some stocks here because last night keys uh site technology was reported a pretty good report you know I noticed that you know 11 you know seven 11 10 and then now 23 three. That's kind of an eyeoper with the increasing, you know, 10, 16, and 19% earnings increases. So, um, but I didn't know it was going to go up 23%. You know, I thought it would, you know, rally. I saw it last night in after hours about 278, 280. Rallied up to 300 today, 305. Had a little trouble with the 300 level as expected. Right there you go. Little charge up in the morning. Some profit takers. A great day for Ksite uh technology. And this is a 51 billion market cap stock. So, did it have enough panache to give us some pin action on some of these smaller names like AXT, which uh is less than a two billion market cap company? And it sure did. This thing was up uh 23% closed near the highs of the session there, right at the high. Uh so, yeah, that looks good. We'll see how that plays out tomorrow, but getting a little extended here. Um, another uh earnings report from last night I thought would do a little better, but you know, still had a good day. Up nearly up 3% and, you know, above the 200 level. So, there's nothing wrong with uh that. It's just um I was expecting a little more out of BWX Technologies. And in that group, you know, always look for groups. When you get a data point like that, what what's the group doing? Vertive, it pulled back to its five. I have it on the 10 here because I'm going to show you SanDisk here in a minute, but I'll move it over to the five here. Um, and you can see Vertive just pulled back to the five. Popped today nearly uh 3%. Couple other ones in the group. NVT, they had postponed their investor day yesterday and people get emotional in the stock market. It pulled back to the 21 and popped today. PL Jerome Pal's company uh yeah popped you know nearly 3% so yeah the Ksite technologies was the key for that sector today and they did well AMD obviously had the big announcement this morning with Meta this thing still has a lot of work to do I know a lot of people are getting excited but below the 50 I mean I can't get too excited about AMD um you know I like the company but uh it's just got a lot of work to technically. Same with Meta and this thing is flat on this session. Got a lot of work to do as well. I think one of the better looking Mag 7 stocks is Apple here cup with handle. It was up, you know, five bucks today on that announcement with their um Taiwan semi. They're going to buy 100 million uh worth of their materials from the Phoenix Arizona plant. Uh let me see what else we got here. Oh, Nvidia reports by the way. And Nvidia doesn't have to, you know, they're getting their lion share of this u capex spending. It's going to be a good report. I'm not sure the stock is going to rally, but a lot of other stocks can rally, you know, around data centers like Vera or like memory with the Micron. There's a lot of different areas that can then rally off their earnings report even if that this stock itself does not rally. All right, I think that's it for the MAG 7 for me. I'm going to move on. I I mentioned SanDisk earlier. So, I'm just going to get right to SanDisk because it had a what a short report today and a lot of people get really emotional and I to me I buy with technicals and fundamentals and I sell strictly on the technicals um and and to me if a stock you know is push back to its uh 10 on a short report and kind of hold serve there. Nothing wrong with that. You can see here on the uh daily chart, you know, just these higher lows, right? So yeah, they pushed it down a little bit today, but yeah, 4%, you know, it was kind of a I saw the Andrew um left's um from Citra on his report early, but then later on in the session, there was reports that Anthropic's going to take over memory, you know, like uh you know, software, you know, and then Morgan Stanley came out later in the day bashing memory. It seems like a little a bit of a concerted effort to get some cheaper shares here with Sandis. I just look at the weekly also before I do anything. And you got a high tight flag. Nothing has changed here. The business hasn't changed. Technically, it hasn't changed. It's just a high tight flag. It hasn't had a down week in a long time. And it's down, you know, less than 2% this week. What are we doing here, folks? Um, yeah. What was the low last week anyway? Last week the low was um uh 574 and today's low was 612. So it's it's got a ways to go and then two weeks ago the low is now 540. So come on, this thing's a 100 bucks above the low from two weeks ago. And geez, it's not going to go up every day. Uh it's not going to go up every week. In fact, a pullback, you know, would would be kind of nice. And maybe it'll do something like it did here, which, you know, I think is is plausible where it just kind of comes down. It didn't even breach the 50 here and just forms this little base before popping out. Not saying it's going to do it again. I mean, it could rip on Nvidia earnings tomorrow. I don't know. Uh, but to me, that's not a sell sign at all. A support at the 10 micron. Uh, you know, these things rallied at the open, too. This is why you never like jump right in on a fiveminute chart. It's like, "Oh, wow. Yippee. We're going to the moon." Then all of a sudden, profit takers come in and say, "Nope." And then, you know, this thing got hit with that anthropic report as well. And the Morgan Stanley, you know, it's the end of the memory world. Just silly stuff here. It happens on um Oh, that's what reminds me of last week. We heard it from Snow Capital that Sterling Infrastructure had you know they use the old accounting bit you know uh today Citron used um what was it? It's a top of memory and uh Western Digital selling Sandis stock. They must not like they must know it's a top too. But anyway, Sterling got um a short report from Snow Capital last week. All it did, you know, it ran up to a 470 and this thing pulled back to 394. It just pulled back to its 21 on that short report, just a tick below its um pivot point there. And what you know, since the 3 94, it's up now 460. So, you know, it's up 65 bucks from the short report. And these shorts are long gone, right? You don't hear from them. They're here one day. They cause a little bit of fear, uncertainty, and doubt. They cover their shorts. They move on. You won't hear about them. This happened to me when I was um long a super micro um back when super micro was you know ripping and it it was probably about 300 bucks and the short report came down and I knocked it down to like 275. The thing ended up going to like 1,200 bucks. So, you know, nothing changed. Don't don't lose sleep over it. As long as it stays above the moving average, I'm fine. Western Digital pulled back to it 21 today. So, the memory stocks got hit. Seagate close a tick below the 21. So, not ideal for Yeah. Memory got hit today. That happens. Um, you know, when when you're the uh when you're up so much, right? To me, I I don't know. I think differently. I would think I would want to short stuff like this. These guys got a little bump at the open. The ones that have sold off so much and then even close lower. My gosh. Yeah, Crowd Strike. Wow. that closed lower at the open they were rallying. I was like hippie cay finally right we're up I don't know three bucks four bucks and then all a sudden boom they just uh crash and burn. So, oh man, tough tough depth. But this is the type of stuff that you you want to short. You don't want to short that strong stuff. That's kind of silly. Anyway, let's go to the next group. The fiber group, fiber optics, a lot luminum. The swing is just not going to give you a chance to get in. Uh you're hoping for like one day, please, just one day, and it's just not going to do it. Maybe intraday, you know, it's getting a little um intraday. Yeah. gives you a little bit of the roller coaster routine right here. It ramps up, then it sells off, then it closes higher. Same thing today. Ran up, you know, it went negative for a bit, then went higher. But if you're looking at day after day, man, this thing is not giving you much chance to get in. Sienna pulled back today. This one that I want to buy, too, but just just not enough for me. I don't know. I'm trying to stay disciplined here. Uh, you know, the five is 331 and it didn't pull back quite to the five there at 33491, but you know, sometimes you you can't be too picky if this thing just wants to rip higher. You're just going to have to jump on. I'm talking to myself here and not anybody else. Um, yeah, if if I want to own it like I do, maybe I just got to just, you know, do a pro position here and get in and if it starts ripping higher, just take my money, please. VIA, another one making new highs in this fiber optic group. I think the fiber optics can overtake the um uh memories this year. I'm waiting and seeing, but these things are super strong. This thing ramped on earnings, just went sideways, allowed the five to catch up. Now it's just surfing its five. Kind of like a lot of these stronger names that I'm showing you like Vertive and uh O AOI, another one super strong. It's on a relative strength stock at the top of the page atmctockcharts.com. Up another 4% today. It's only been two days this week. It's already up 9% for the week. And then um GLW, Corning, Glassear. Uh yeah, it used to be glassware. I don't think they have glassware anymore. It's fiber optics, photonics, and uh yeah, 9% this week as well. Man, that thing is getting steep. Another one. If you want to own it, probably, you know, just close your eyes, buy a little. If it goes higher, buy more. It's just not going to pull back for us. These are like Tom Petty stocks are just not backing down at all. All right. Another group that I like, this is the electronic parts group, AP. It doesn't look like much, does it? Yeah, it moved two something percent today. Have just kind of flattening out there around that old pivot there of 144. So, not really, you know, with a lot of um vigor. Speaking of vigor, Vicker making new highs today. This is their earnings move. Some of these earnings mover are just really crazy. Wow. It's 190 now. Sheesh. Um yeah, this thing is a relentless on a tear. Um and it really doesn't have that great of growth numbers, but you can't go by that. You just got to go by price and price pays. This one's paying. Cor, another one that I like. Coherent, another new high today, 261. Uh, yeah, this is a super strong group. Laser, I wouldn't call it a lagard of the group. These things are all just, you know, ripping higher. Electronic parts. Look at this. So, um, I don't know, maybe we'll get a short report in one of those pretty soon. All right. TSM, I think I mentioned at the top, uh, Apple buying 100 million of materials from Taiwan from the Phoenix plant. This is a strong group, the manufacturing, but I'm also looking at the equipment group, ASML, just right above that four, 1493 buy point. I like that one. UCT, I cannot believe the move this thing made on this week earnings. Yeah, I looked at these earnings and it was just horrific and up 17%. So, you just cannot um like I said, there's just some wild moves around earnings. Unexplainable for sure. Uh what else do we have here in this group? Oh, ICR, another one that's just on a heater. Uh surfing the five here and now a little extended from the five. Closed 6.3% above the five. But man, look at these um moving averages. is a 21 just heading straight up north, man. Yeah, super strong move for these things. So, anyway, um another group that I like, not as highly rated, uh it's up to 23 now on the ranking, but this is TTMI. It's got that 111 buy point forming this little, you know, Darvis box, if you will. A little looks like about a, you know, four or five week base here. um January, February, maybe into March. This thing's going to break out of what's in the box. TTMI FN another one super strong name breaking out, trading higher. Sanmina is a partner with AMD. So, it seems like when AMD has good news, Sanmina goes up. Yeah, up 7% today. Closed near the lows of the session, but you can see a big move on volume there. Yeah, closed 4% of the daily range for San Mina. All right, the ear energy names were up today. There was report that there's going to be the State of the Union uh energy deals announced by the president. We we'll wait and see on that. Uh but you know, speculators like to get ahead of the news and GEV uh really ramped today in Bloom closed at 166. Not as strong as GEV as GEV is making new highs. an NRG. Uh this is a utility and it closed at a new high here 18403. So yeah, nice day for that one as well. So we'll hear what the you know is said or if there's any deals announced. Got to go to the old standby here. I know people hate it, but gold is strong. Wheat and precious ano eagle making new highs. Anglo gold. Ashanti making new highs. These things are super super strong. AGI making new highs just yeah I mean just um these continue to show strength and it's really mind-boggling for me but gold continues to go higher. P A S silver looking good as well. AG first majestic making a new high today. And then the copper plays can't forget about the copper. This is um January 29th. So, it's been about a month here. This one looks like it's ready to break out of the box. And then, uh, Ivanho looking a little better. Undercut the 50, rallied 5% today. So, it needs to rally back through for the copper play. All right, enough of that stuff. I'm going to go to another one of our favorites, the oil and gas, the oil patch, the land man trade. This is a Liberty Energy bouncing off its five, surfing nicely, up 6% today. Yeah, this is just relentlessly pursuing higher prices. Oi, this one's ridiculous. This is why we don't ignore these big volume moves higher. Uh, and I think it's buddy here. OIS is even more ridiculous on this u day the 20th, which was Friday. Up 25% with that 314% above average volume. What does it do? follows through on Monday to the tune of 8% today another 6 and a half% so just really strong names in these oil and gas plays arch rock another one I don't talk about it much but yeah super strong name I do talk about Tidewater often yeah had an inside day today allowing the five to catch up still was up on the session oh DXP this is a you know an equipment oil and gas equipment um stock making new highs today of nearly 6%. So that looks good. They're going to report earnings tomorrow. You got to beware of earnings. And a group that I haven't talked about in a long long time probably because you know the the larger caps are kind of floundering just going sideways. Nothing like the software names but they're they're not ripping to new highs. But Vanda had news yesterday. Nice move. I think they had a secondary offering. biotechs usually do after they have big moves. IBRX is this one breaking out of that Darvis box at 828. What's in the box? Not IBRX. Yeah, that's a move not to be ignored. Looks like it just wants higher prices. Um, another name PVLA was in the news today when they're going to have an new drug application in NDA by the end of the year. I think after the bell they announced a secondary because these companies need cash if they're going to launch a drug this year um VIR another one with positive data and um earnings I think it was an earnings uh yeah I think it was earnings but anyway up 27% SLGL another biotech name you know these are super small I mean 244 million but very a little uh volume, but you know, just acknowledging this thing's making new highs. So, I'm not going to show you the Lilies and the Mercs. I mean, these guys are going sideways. Merc actually doing a lot better. Yeah. Yeah. Merc actually probably made a new high today. Um Glaco, Smith, Klein, these bigger names, just kind of floundering here, but still really strong stocks. Novartis made a new high today as well. So, yeah, drugs are good. drugs are in. Uh I mentioned Sterling earlier. I like this group. Quant reported earlier, was it last week or yesterday? I forget. Reported recently, but man, nice response here today. New highs three and a half. I did show you the sterling chart. They report tomorrow. So, I'm thinking a good report, but who knows what the stock's going to do. And then AGX, another one in this group that I like. And obviously I have road on I don't think I have a road on the ready list yet, but I do like it. It was up 6% today. I keep mentioning it in my post parade show. I don't think I put it on my radio list though. I don't. I don't. Um anyway, one that I did was this one. And this one. Okay. All right. Anyway, that's it for me. Thank you for watching. Today is Steve Jobs uh birthday. So, happy heavenly birthday to the great Steve Jobs. In his honor, we have one more thing and that's earnings tonight. And I'm going to start with um Marcado Libé down. Oh, it's up. Friend of mine owns this. And she was really excited. It was up like 50 bucks. I said, "Okay, up." And then uh I looked at the report and it wasn't that hot. Um yeah, it looks like decelerating sales growth. So now it's selling off, but who knows? You know, like I said, these earnings moves are really wonky. So this thing could be up 50 bucks tomorrow. Who knows? Um, Cava reported tonight. I I don't hold out great hope for the retailers or the restaurants. Um, it's up after hours. It's been beaten down. Um, actually bought cava. They have a cava at Whole Foods. They have cava hummus. You can dip celery and carrot sticks in there, whatever you want. Uh, but I guess the restaurant, I've never been to the restaurant, but look at how bad this has been beaten down. Clearly, the four stages, you know, since the IPO base, I just put out that IPO video. Nice um IPO base and ripped higher in a stage two, then it went into the stage three for just a little bit and then stage four declined. So, now it's trying to create this little stage one base here. here. And if I could break out of there, what is it? 73 after hours. Yeah, 73 is the magic number there. H 7211. So, I'm watching Cabba. Um, yeah, it really has been beaten down. Now, its market cap is only 7 billion, but um anyway. All right. Uh, next is Axon. I thought Axon would have a good report. Yeah, it's up 14%. Um there was legislation that forced the um ICE agents and remember ICE has like a $ 58 billion budget. So they can afford some equipment from Axon. So anyway, I I didn't hear the report. I didn't read it. But um I will get to it and have it in the morning. But nice move 15% tonight. Za, this is a software name. We know how those have been doing. This has been beaten down badly. up 1% after hours. Workday, I'm afraid to look. Now it's down 9%. So yeah, software, this is just the area that's been getting hit because AI is going to take over the world. So it's it it Wall Street just shoots first and ask questions later. At some point, some of these are going to stop selling off and they're going to flatten out. They're going to level off. kind of like what um work um app loven's doing here around the 360 level. It just keeps coming back to that 360 level. Pretty soon we'll leave it in the dust and uh they're going to figure out that this is not like one of the others. Anyway, TEM reported tonight. Uh yeah, in a downtrend and it's going to continue in a downtrend. And then TMDX, nice uh move here higher after hours. Uh, it's been consolidating in a base. We'll see what happens tomorrow. Thank you for watching at mcstockcharts.com. We never give up.