| | | | Is the bottom in?
Futures looked good last night... and then I woke up.
After the dog and I watched the state's engineers begin dredging the lake, I took to the desk to watch the numbers seesaw all morning.
Sure, Friday was a nice bounce, but I'm always watching for a "bull trap" after consecutive days of falling prices.
I'd expect this week to be a test with some sideways action - maybe even a few head-fakes...
Still, interest rates have investors shaky and the move back towards the highs isn't confirmed just yet.
But there are always strategies around the volatility and options coach Chris Hood dives into that today.
It's a good read, so check it out below...
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| | | | | | | | | | | | | | | What A Relief, Prison Pump & Dump, Robot EYES - Mo' Stimmy - After much deliberation, confusion, and frustration, lawmakers in the US Senate continued working on Saturday and passed the latest Covid-19 relief bill. President Joe Biden is prepared to sign off on the bill this week which comes at an opportune time as unemployment will run out on March 14th. The $1.9 trillion relief package will cut an additional $1,400 to the majority of Americans along with continued unemployment benefits and a myriad of other financial support initiatives for various industries including airlines. Also, they're already talking about another round before the end of the year...
- Murder, Tax Evasion, and Crypto Pumps - Controversial McAfee Antivirus (MCFE) founder John McAfee is in the news again, but this time it's not for murder-for-hire or taxes. McAfee and his bodyguard are being charged for defrauding cryptocurrency investors out of close to $2 million via a pump and dump scheme run via Twitter (TWTR). Using social media, the antivirus expert would recommend a coin to his over one million followers in order to boost the price of cryptocurrencies he owned prior in order to then sell at a higher price. The charges could lead to 20 years in prison which is not an unfamiliar place for McAfee as he was recently placed in a Spanish prison for tax evasion. You can't go to prison if you're already there, right?
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| | | - Thems is Fightin' Words – CNBC's Mad Money host Jim Cramer has said a few things that didn't necessarily upset ARK Invest CEO Cathie Wood as much as confuse her. While Cramer has voiced his opinion on Wood's investments in Tesla (TSLA) and Palantir (PLTR) Jimmy Chill stated that Wood, whose family of funds has had a stellar return over the last year, should close off her fund from new investors. The four-eyed fund manager responded Friday, pointing out Cramer's "irony" as ARK funds are equity-based ETFs rather than a mutual fund. Way to go, Jimmy.
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EYES Up – Second Sight Medical (EYES) shareholders scored a 305% gain on Friday after the company issued a press release announcing FDA approval of its Argus 2s Retinal Prosthesis System for patients with retinitis pigmentosa. We don't know what any of that means, but according to the press release, the system consists of a pair of glasses with a camera and a digital processor that allows the visually impaired to "see" imagery via electrical pulses sent to the retina's cells. On that note, there's a good chance that Friday's gain will continue.
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| | | | | | | | HOT SPOTS: What's going on in geopolitics
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| - Houthis Strike Saudis: Why should we care? No time for a long digression into the various disputes in the Middle East? Here's the short version. Saudi Arabia has been warring against the Houthis, a group that many believe is backed by Iran. The Houthis are waging an insurgency in Yemen. The Biden Administration has recently backed off on supporting the Saudi war effort for humanitarian reasons. However, the Houthis recently claim to have struck Saudi oil facilities. Not surprisingly, the price of oil has jumped. It wouldn't take much more for oil to hit $100 if the Houthis can pull off some effective attacks. If that happens, prices at the pump will go up even further, and the Biden Administration may feel the heat from the GOP.
- The Royal Soap Opera: You would think we would have been done with this after the American Revolution, but apparently not. Oprah Winfrey's interview with Prince Harry and his wife, Meghan, Duchess of Sussex, went beyond viral on social media. Among the most sensational charges is that "The Firm," the nickname for the royal power structure, acted in a racist way towards Meghan Markle. What will be the end result? The British monarchy has dealt with PR disasters before, but this debacle might increase republican efforts in Commonwealth countries.
- Pope Francis Visits Iraq: The leader of the Roman Catholic Church is in the Middle East, confronting extremist forces in Iraq. The Holy Father visited Mosul and other areas hit by the Islamic State to deliver a message of peace and a condemnation of religious intolerance. The ancient community of Middle Eastern Christians has been devastated over the last few years, and the pope's visit to Iraq is bringing media attention to this often overlooked group. Of course, there are also dangers. Besides the obvious security concerns for the Pope, many are worried the trip could contribute to the spread of COVID-19 in the already hard-hit region.
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| | | CUTTING EDGE: What's Happening In Tech
The Ultimate Test - Abbott Laboratories [ABT] scored a huge win when it received authorization for a new lab test that will distinguish between COVID-19, influenza A and B, and respiratory syncytial virus. The test will allow institutions to catch far more cases, including those that are asymptomatic. ABT was up slightly Friday but traders will be looking here now that the news has spread over the weekend.
Just Don't Call It The Titanic Of Space - I get a little nervous when people start talking about the ultimate in luxury in dangerous environments. However, this was inevitable. Orbital Investment Corporation, a space construction company, is hoping to have the world's first space hotel open by 2027. It would house 280 guests and 112 crew. With viruses, disasters, and just the nerve racking tension of doing something no one has done before, I'll admit to being uneasy about this. Maybe I've seen too many movies. But yes, before you ask, I'd definitely buy a ticket. Among other features, parts of the hotel will include weightlessness, while others will have controlled gravity. Who can say no to that?
Bezos On The Move - It's no secret that Jeff Bezos is turning his attention to space now that he's no longer Amazon's CEO. However, it was hard to miss his recent visit to 3-D printer Relativity Space. CEO Tim Ellis is a former employee of Blue Origin, Bezos's space company. Is a new partnership featuring 3-D printed rockets on the way? That's what seems to be happening, but neither company is revealing its plans. Still, when people this wealthy and connected are making public visits like this, nothing is just coincidence.
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| | | | | | Elon is hearing the footsteps |
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| | | FOR YOUR CONSIDERATION
"Where newbies see disaster, pros like me see OPPORTUNITIES to average down and get set up for the coming rebound."
Volatility in the market? That's not danger, that's a potential gold mine. Your Options Coach Chris Hood is here to show you where to find the diamonds even in the roughest patch of market turbulence.
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| | | | | | | | | | Second Sight Medical (EYES) is not just a clever name anymore and has had some heavy expectations to live up to.
But after a long year of hard work, last week's press release mentioned above paid off.
As for the chart, this one is less technical and more momentum...
With news like this, I would anticipate continuation and for the stock to head back towards the highs.
If you look at the gray box, this is a clear sign of an immense amount of profit taking - essentially half of the entire move - by traders.
The thing to note here is this kind of news is a gamechanger for companies and will only push the stock higher before falling and consolidating.
For the day trader, EYES is a great opportunity. However, I'd caution an entry right now for the longs.
-Corey
(Disclosure: I am long EYES.)
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