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Summary
Great week for stocks
CPI Report
Nvidia Earnings Report - What you need to know
Stocks to look out for
The CPI Report
On the 15th the US Bureau of Labor Statistics released this month's CPI. The CPI grew by 0.3%, indicating a slowdown in inflation and giving investors hope of a FED rate cut in the near future. Investors' optimistic attitudes after the CPI report helped push the S&P and Dow to record-breaking levels.
The Market
The market had a great week with the S&P 500 growing 1.34% and breaking 5300 points for the first time. The DOW grew 1.04% this week, reaching a record high of 40,003.59 points.
Nvidia (NVDA) is supposed to report earnings after the bell Wednesday. After Nvidia’s stellar earnings report in February, Nvidia’s stock skyrocketed. Investors will be looking for continued growth in AI and for Nvidia to continue to beat estimates. But if Nvidia can’t meet high expectations, the stock will tank. Right now we are wary of Nvidia as anything can happen with the earnings report on Wednesday. If you want to get into Nvidia we recommend using a call option to minimize risk. We see that Nvidia has established support at $761.83 and resistance at $962.88. And in the coming days before the earnings report we expect the stock to drop as it has hit the top of a horizontal channel and at the upper Bollinger band.
Crane Company (CR) has grown 1.15% this past week, currently at $145.41. Crane has stuck to a very strong upward channel. We expect it to fall to around $137, as it has hit the upper bound of the channel and also the upper Bollinger band, but predict that it will bounce off of that support and eventually hit around $152.
Star Bulk Carriers Corp (SBLK) has grown 1.2% in the last trading week. SBLK has conformed to a very strong upward channel, sitting currently at $26.05, this is a very affordable stock as well. We expect SBLK to continue this trend and have set a price ceiling at $27.13 and a floor at $23.90.
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