Morning Dose: Chip Stocks Surge Morning Momentum Signals Strong Market …
A quick analysis of today’s market outlook and key trading opportunities to start your day.
Intro & Market Mood
Welcome to The Morning Dose – Everything You Need to Know Before the Market Opens. It is Wednesday, November 12th, and a reversal is in play this morning. Futures are pointing higher across the board, setting a cautiously bullish tone with a broad-based setup.
Overnight Headlines
- NVIDIA (NVDA) and chip stocks rally on positive news from key supplier Foxconn indicating strong A.I. demand.
- AMD (AMD) rebounds pre-market after investors digest bullish future revenue claims following financial analyst day.
- Quiet macro front ahead of a House vote on government funding. Fed division over December rate cut adds uncertainty.
Economic Announcements
All eyes on Washington for potential government reopening to unlock awaited flood of economic data. Traders watch for developments in Fed’s rate decision.
Earnings Highlights
- Circle Internet Group (CRCL) beats EPS estimates significantly, ON Holding guides higher, while Amdocs (DOX) faces mixed reactions on beat and lower guidance.
- AT&T (T) sees an upgrade from KeyBanc boosting shares with an Overweight rating and raised price target.
Top Movers
Sectors showing late strength like healthcare and biotech present potential continuation plays. Watch for key resistance levels for positive momentum.
Quick Trade Ideas
- Consider names demonstrating late accumulation, like PEN, for potential continuation plays.
- Exercise caution on chip stocks at market open due to possible overhead supply; wait for retest for safer entries.
Key Takeaway
Focus on continuation plays, monitor sectors with late-day strength, and watch for confirmation signals. Manage risk, be selective in trades, and let opportunities develop in today’s active trading environment.
Stay disciplined, be vigilant for confirmation signals, and act prudently on potential trading opportunities. Prepare for an active trading day ahead.