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Wizzwatch Weekly Newsletter

As we close the door on the week that passed in the stock market the Dow Jones Industrial Average, the Nasdaq, the S&P 500, gold, silver as well as bitcoin ended the week trading higher as oil slumped. The past three weeks have been rough as the market continued to correct itself. As for now it seems that we are currently getting back to normal as the Dow confirmed that the downturn in the market is over after 6 consecutive days of upside momentum.

The Dow Jones Industrial Average began the week trading at 31,512.15 and continued to move higher as the week went on. The past week was a great week as 27 of the 30 stocks in the index advanced. The top movers in the index were (BA) Boeing +20.59%, (WBA) Walgreens Boots Alliance +12.73%, (HD) Home Depot +8.40%, (GS) Goldman Sachs Group +6.55%, and (CSCO) Cisco Systems 5.56%.

As the market came to a close on Friday the Dow Jones Industrial Average ended the week trading at a new record closing price high at 32,778.64 up 1,282.34 points or 4.07% on heavier than average upside trading volume of 2.13 billion. The average weekly trading volume for the index is 1.90 billion.

At the Nasdaq the index has been moving lower for 3 of the past 4 trading weeks but ended the week trading higher after coming of support levels at 12,757.14. As for now the index is poised to move higher in the week ahead as the market begins to advance. The Nasdaq started the week trading at 12,904.16 and declined to a price low of 12,599.23 before ending the week trading higher. 

Out of the 100 stocks that make up the Nasdaq 100 there were 78 that advanced as 22 declined. The top percentage gainers in the index were  (TSLA) +16.02%, (AAL) American Airlines +14.28%, (UAL) United Airlines +11.42%, (NTAP) NetApp +10.16%, and (TCOM) Ctrip, Int’l., +9.16%. The Nasdaq closed to end the week trading at 13,319.86 up 399.72 points or 3.09% on heavier than average trading volume of 29.59 billion. The average weekly trading volume for the index is 23.12 billon.

Over at the Standard and Poors 500 the index also advanced higher to the upside as it to made a record price high for the third time this year. The index began the week trading at 3,844.39 and declined to a price low at 3,819.25 before ending the week trading higher. The S&P 500 has moved higher for the past 2 weeks after hitting downside support the week prior. The index has been moving higher for 2 of the past 4 trading weeks.

The top price advancers in the index this week that pushed the S&P 500 higher in the week that passed were (VIAC) ViacomCBS +28.24%, (GPS) Gap, Inc. +20.59%, (DISCK) Discovery +12.64%, (FTNT) Fortinet +12.40%, and (NUE) Nucor Corp. +10.87%. 

As the week ended the S&P 500 closed to end the trading session at 3,943.34 up 101.10 points or 2.64% on heavier than average trading volume of 13.21 billion. The average weekly trading volume for the index is 12.21 billion. In the week ahead it should be a great week as the slump in the market is finally over and the bulls are back after 3 weeks of declines.

As for commodities the price of gold and silver advanced as the price of oil declined. The gold index closed to end the week trading at $1,719.80 per ounce up $21.30 or +1.25% on heavier than average volume of 116.5 million. The silver index closed at $25.91 per ounce up $0.62 or +2.47% as the oil index closed to end the week trading at $65.61 per barrel down $0.48 or -0.73% on heavier than average downside trading volume of 231.8 million. The average weekly trading volume for the price of oil is 217.84 million. 

By Marlin Rolle

On the Radar

On the radar for this week are stocks that trade in the building and heavy construction sector. The sector has climbed up the number 3 spot behind home furniture and miscellaneous and diversified retail.

The stocks to keep a close eye on in the week ahead are (DY) Dycom Industries, (MTZ) Mastec, Inc., (PRIM) Primoris Services, (GVA) Gravnite Construction, Inc., (ORN) Orion construction, Inc., (STRL) Sterling Construction. (EME) Emcor Group, (TPC) Tutor Perini Corp., (GLDD) Great Lakes, and (NOA) North American Construction Group, Ltd. Just to name a few.    

Market Lesson – Pivot Points

Pivot points are used by market makers, individual investors, and professional traders. A pivot point can help investors find entry points into any stock in any market.

 Pivot points a.k.a apple pie/the sweet spot are especially convenient for short-term traders who are interested in taking advantage of small price moves in smaller time frames or longer term investors who are looking for long term price moves over longer time periods.

 

A pivot point is the buy point that represents the previous price high or resistance area the price of a stock. A move above the pivot point usually occurs at a new price high.

 

Many smart investors use pivot points as a main entry point being that breakouts usually occur above old resistance levels. When looking for an entry point investors should always focus on the pivot point area. When stocks move above the pivot point they are considered bullish, but when they move below they are considered bearish.

 

Pivot points don’t always work on every trade, but the main tool that does is patience. Time and time again investors that attempt to buy stocks before they move above their pivot points are usually hurt in the process and end up taking huge loses. Sometimes stocks tend to run up and touch the pivot point and reverse only to pullback to previous price lows.

 

Investors must learn to use pivot points along with moving averages, candlestick charts, and patience as well as other techniques effectively to become better traders.

 

By: Marlin Rolle

*** Please have a look at the stock chart example below ***

Earnings Outlook

Economic Calendar

Mar. 15 – 8:30am Empire state index for March 

Mar. 16 – 8:30am Retail for Feb.

Mar. 16 – 8:30am Retail sales ex autos for Feb.

Mar. 16 – 9:15am Industrial production for Feb.

Mar. 16 – 9:15am Capacity utilization for Feb.

Mar. 16 – 10:00am National Association of Home Builders index

Mar. 16 – 10:00am Builders Inventories for Jun.

Mar. 17 – 8:30am Building permits for Feb. 

Mar. 17 – 2:00pm Federal Reserve announcement

Mar. 17 – 2:30pm Jerome Powell FOMC press conference 

Mar. 18 – 8:30am Initial jobless claims for March 13 

Mar. 18 – 8:30am Continuing jobless claims for March 6 

Mar. 18 – 8:30am Philadelphia Fed Manufacturing survey for Feb. 

Mar. 18 – 10:00am Index of leading economic indicators for Feb.

Mar. 19 – None Scheduled

Wizzwatch Top 20 Sectors

1 - Retail - Home Furniture

2 - Retail - Miscellaneous & Diversified 

3 - Building - Heavy Construction

4 - Steel Producers 

5 - Retail - Wholesale Auto & Trucks

6 - Paper & Related Products

7 - Leisure & Recreational Products

8 - Movie & TV Production

9 - Retail - Apparel Shoes

10 - Furniture

11 - Building - Cement & Concrete 

12 - Consumer Products - Misc./Disc.

13 - Transportation Equipment & Leasing

14 - Electronics – Semiconductors

15 – Advertising Marketing Services

16 - Gaming

17 - Electrical Manufacturing

18 - Mining - Misc.

19 - Chemical - Specialty

20 - Oil - US Exploration & Production

Wizzwatch Top 20

1 - AMTX - Aemetis, Inc.

2 - SAVA - Cassava Sciences, Inc.

3 - KOPN - Kopin Corp.

4 - ACRS - Aclaris Therapeutics, Inc. 

5 - RIOT - Riot Blockchain, Inc.

6 - FUTU - Futu Holdings, Ltd.

7 - AMRS - Amyris, Inc.

8 - MVIS - Microvision

9 - KSPN - Kaspien Holdings, Inc.

10 - HOV - Hovnanian Enterprises, Inc.

11 - PYR - Progenesis Canada, Inc.

12 - EMAN - Emagin Corp.

13 - PLL - Piedmont Lithium Ltd.

14 - EPIX - Essa Pharma

15 - VIAC - Viacomcbs, Inc.

16 - ETM - Entercom Communications Corp.

17- VUZI - Vuzix Corp.

18 - ORGO - Organogenesis Holdings, Inc.

19 - SYPR - Sypris Solutions 

20 - OSS - One Stop Systems, Inc.

IPO Outlook

HAYW – Hayward Holdings, Inc.

JOAN – Joann, Inc.

MITC – Mea Tech 3D, Ltd.

RXDX – Prometheus Biosciences

CPNG – Coupang

FHS – First High School Group Co. Ltd.

RBLX – Roblox Corp.

VACQ – Vector Acquisition Corp. ll

SVFB – SVF Investment

LHAA – Lerer Hippeau Acquisition Corp.

INNV – Innov Age Holding Corp.

KVSA – Khosla Ventures Acquisition Co.

ARYD – ARYA Sciences Acquisition Corp.

SCR – Score Media & Gaming, Inc.

BCTX – Bria Cell Therapeutics Corp.

In the Zone

Second Sight Medical Products, Inc.

 

In the Zone this week is Second Sight Medical Products, Inc. which trades on the Nasdaq Composite Index under stock symbol EYES.

                                                                                                            

Second Sight Medical Products, Inc., together with its subsidiaries, develops, manufactures, and markets implantable visual prosthetics that are intended to deliver artificial vision to blind individuals. It develops technologies to treat the population of sight-impaired individuals. 

The company offers the Orion Visual Cortical Prosthesis System, an implanted cortical stimulation device, which is intended to provide useful artificial vision to individuals who are blind due to various causes, including glaucoma, diabetic retinopathy, optic nerve injury or disease, and eye injury. 

It also offers Argus II Retinal Prosthesis System for treating retinitis pigmentosa in which has gotten approval from the FDA on March 5, 2021.

 

If you have a close look at a chart of the company you can see that the stock took off after FDA approval from a price low of $1.40 to a price high of $20.00. Since then the stock has declined to support at $9.75 and is now advancing. The stock is currently up 985.71% and is poised to move higher. What I am looking for in the days a head is a breakout in price above $15.48 to $15.53 in order for this stock to continue it advance.

 

At the close of the market on Friday the stock ended the day trading at  $15.20 up $4.00 or 35.71% on heavier than average trading volume of 45.63 million. The average daily volume for the stock is 40.61 million.

 

In the week ahead keep this stock on your radar for a continued price advance to the upside.

 

 By Marlin Rolle

 

Please note that all the stocks listed are not buy recommendations; please do your own due diligence or get help from a professional before trading.