3 New Names on the Radar

Shares

We have flattish markets around the world ahead of the CPI tomorrow.

Markets are trying to get comfortable with Fed expectations of a ceiling at 5.19% and a year-end 4.9% target.

So far it seems like the world is handling 5% rates okay. Most experts predicted a big recession by now.

SPX pulled back 100 handles of fthe 4195 highs. Does it start a downside active sequence, or is it just a digestion phase? That’s the question.

We should know more tomorrow after the CPI tomorrow. L

SPY hit a high of $418.31 on Feb 2 and made a low of $405 Friday. A bit of momentum was lost, but the more intermediate trend is still intact.

Tomorrow’s CPI will be important. There's risks to both longs and shorts. $410-$411 will be resistance if we rally.

Now let's dig into 3 individual names I typically don't cover in the Morning Note:

SMCI seems like it has a decent setup. Some are long vs. the 8 day down near $82ish. Others are waiting for a move and hold above $93.90ish.

SSTK has a decent setup. Some are long vs. $72. Others are waiting for it to get and stay above $81.25.

GILD has a nice chart. Some are long vs. $85. Others are waiting for it to get and stay above $87.18

Scott Redler's positions disclosure as of 2023-02-13 at 8.35.09 AM

Leave a Comment: