In this article and video, Insider Financial recaps last week's stock market action and covers our trading plan for this week.
This video covers SPY, QQQ, DIA, IWM, TLT, BTC, DWAC, GME, PAYX, CCL, RUM, RIVN, WBA, CGC, LFLY, ACB, SNDL, TLRY, GRWG.
Video Summary
The S&P 500 on Friday advanced 2.29% for the week to end at 5,234.18 points, posting gains in four out of five sessions.
The benchmark index surged to its best weekly performance of 2024 and snapped a two-week losing streak. Wednesday and Thursday saw the gauge post back-to-back record intraday and closing highs. The S&P's (SP500) fellow major averages also jumped, with the Dow and the Nasdaq Composite posting their best and second-best weeks of the year, respectively.
The latest Federal Reserve monetary policy decision and updated dot plot almost entirely drove this week's gains. On Wednesday, the Fed held interest rates steady for a fifth straight meeting.
More importantly, Fed officials bumped their growth projections in the dot plot while reaffirming an expectation of three rate cuts in 2024. Fed chair Jerome Powell in his post-decision press conference, was much more dovish than anticipated and reiterated that it may be appropriate to likely begin easing rates "at some point" this year.
Gamestop reports earnings on Tuesday.
DWAC starts trading as DJT. Merger official.
Cannabis stocks are heating up after Germany legalized cannabis and Schumer is pushing SAFER Banking Act again. Vice President Kamala Harris urged the DEA to reclassify marijuana.
Bottom Line
As we keep saying, there are always opportunities in the markets, and it’s our job to find winning stocks to trade. Huge gains can be made in such a short amount of time.
It’s essential to look for stocks that have yet to run. There are plenty of opportunities, and we look at hundreds of stocks weekly for our subscribers.
Remember, all it takes is one or two to become a winner, and you’ve crushed the market indices (and Jim Cramer) for the year.
Good luck to all (except the shorts and Cramer)!
WHEN INSIDER FINANCIAL HAS A NEW COMPANY TO RESEARCH, IT IS IMPORTANT TO PAY ATTENTION. AFTER ALL, OUR FREE NEWSLETTER PROFILED MANY TRIPLE-DIGIT WINNERS FOR SUBSCRIBERS. WE ALWAYS ARE LOOKING FOR MOMENTUM BEFORE IT HAPPENS!
Disclosure: We have not been compensated for this article/video. Insider Financial is not an investment advisor; this article/video does not provide investment advice. Always do your research, make your own investment decisions, or consult with your nearest financial advisor. This article/video is not a solicitation or recommendation to buy, sell, or hold securities. This article/video is our opinion, is meant for informational and educational purposes only, and does not provide investment advice. Past performance is not indicative of future performance.
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