EB Daily Market Report - Quick Update - Tuesday, November 21, 2023
Happy Thanksgiving!
Fall Special is Underway!
We have launched our Fall Special, which will run through Sunday, December 3rd at midnight. As most of you know, it doesn't get any better than our Fall Special. The longer you extend your membership, the more FREE bonus months you'll earn. You can earn up to a FREE YEAR with our very best deal. Be sure to take advantage of this opportunity by CLICKING HERE!
Reminder: Upcoming Holiday Schedule Changes
As a result of the Thanksgiving Day holiday on Thursday and the abbreviated session on Friday (market closes at 1pm ET), we are making the following changes to our normal schedule:
- No Trading Places LIVE shows on Wednesday or Thursday
- No LIVE Trading Room on Wednesday
- Abbreviated Daily Market Report (DMR) on Wednesday
- Depending on market action, either no DMR or an abbreviated one on Friday
We will have a skeletal staff from now through Sunday, so we might be a little slow in returning emails, etc, but we will get back to anyone who contacts us over the holidays. Just have patience. :-)
ChartLists Updated
We held our latest Portfolio DRAFT last night, filling out each of our 3 portfolios - Model, Aggressive, and Income - for the 90 days ahead. The stocks were chosen based on current market themes and my view that we'll see higher prices into year end and into 2024, with pauses and pullbacks along the way, of course.
Also, my DRAFT War Room Excel spreadsheet is being added to our website today under "Annual Member Exclusives". When you log into EarningsBeats.com, this Annual Exclusives link will be shown at the bottom under "Stocks":
I just sent all of this to Erin Webber, who has updated our website. You should be good to download both the ChartLists and the Excel spreadsheet from last night.
One addition to the Portfolio ChartLists this quarter is my annotation of initial price support on all Portfolio stocks. I realize that many of the stocks we added are short-term overbought, so I provided horizontal support lines that could provide better entry if and when we see a pullback to test rising 20-day EMAs on our major indices.
Brief Market Update
Our major indices are seeing some profit taking today, which shouldn't be all that surprising given the strength of the November advance. Defensive sectors like health care (XLV, +0.73%) and consumer staples (XLP, +0.40%) are leading today - again not that surprising on a day of profit taking. Technology (XLK, -1.00%) is our primary laggard as there's a bit of trepidation for semiconductors ($DJUSSC, -1.78%) ahead of NVIDIA Corp's (NVDA, -1.30%) quarterly earnings report, which will be released after today's closing bell. NVDA is hovering just below its all-time high, set yesterday as it cleared its August high. NVDA remains a leader in the semis, suggesting we'll see a very good report later today. As always, however, the question is whether all the good news is already built in to current price or will NVDA report truly blowout numbers that sends it on its way to more all-time highs.
Here's the current trading range for NVDA as it gets set to report:
The thick black directional line is pointing at the open after NVDA's last earnings report. It was a huge gap higher, but we've consolidated over the three months since. It's somewhat ironic that we've come full circle on NVDA, testing the mid-August low, before rallying all the way back to the high just as the next quarterly earnings report arrives. Again, I'd expect a very solid report from NVDA, but your guess is as good as mine as to how the market will react.
Happy trading and Happy Thanksgiving!
Tom