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📉 Wall Street, We Have A Problem
Stocks decline for the third time in four market days. Plus, Biden wants to increase tariffs on China.
Brooks Dyroff
April 17, 2024
Happy Wednesday, Zingernation! The trend is your friend — unless, of course, that trend is “major indexes closing lower on 3 of the past 4 market days.” In this case, the trend is not your friend, but more like the not-quite-boyfriend you get sick of after the fourth date.
Which, ironically, is who I am to seemingly every girl I go out with. But on the bright side, I have learned that nothing lasts forever. So I have a feeling this too shall pass.
Today’s Price Action:
$SPY: -.59%
$QQQ: -1.22%
$DIA: -.14%
Plus, ever heard of “one ticker payouts”? Today’s partner has all the details. Watch this video before you start trading.
And, did someone forward you this email? Click here to subscribe to this Benzinga newsletter and more.
TODAY’S MOST VOLATILE STOCKS
TODAY’S TOP STORY
Briefly: For the first time since early November 2023, less than 30% of S&P 500 stocks are trading above their 50-day moving average — a clear indicator of the current poor market’s breadth.
So Basically: The 50-day moving average is often seen as a barometer for the short-term health of stocks. Falling below this level en masse suggests that a broad swath of the market is facing downward pressure.
Back Up: This shift comes amid escalating geopolitical tensions in the Middle East and renewed concerns over inflation, which have collectively nudged traders toward a more guarded stance in April.
So What? This significant drop from the 85% observed in late March and 92% at the beginning of January highlights a dramatic reversal in market dynamics. But does it simply mark a healthy pullback — or the end of the bull market?
Click here to read more.
PRESENTED BY OXFORD CLUB
Dear Reader,
Nvidia stock has been on fire this year… And while the regular gains have been spectacular...
Research shows that a new strategy that was just introduced by multimillionaire trading wizard Nate Bear could have produced BIGGER gains in one-seventh of the time!
He calls the strategy "One Ticker Payouts"...
It involves one ticker… One trade… Every week.
And in June, NVDA could have produced three winners (out of four trades)...
And $1,000 in each of the four trades would've turned into $13,700!
This 243% total gain (within a month) is more than NVDA has made all year!
But that's the power of One Ticker Payouts.
How is this possible?
Sincerely,
Ryan Fitzwater
Associate Publisher, Monument Traders Alliance
P.S. Nate's next One Ticker Payout is this upcoming Monday!
This ad is sent on behalf of Monument Traders Alliance. 105 West Monument Street, Baltimore, MD 21201.
FIVE MOVERS
Alcoa stock shot higher after the company reported strong earnings after the bell, on top of news that President Biden plans to increase China’s tariffs.
Discover shares moved higher in after-hours trading after the credit card company delivered earnings and beat the Street’s revenue estimates.
Airline stocks like American Airlines and JetBlue moved higher after United Airlines shot up more than 17% on a strong earnings result.
ASML stock dropped like a rock today, closing down around 7% after the chipmaker reported weak earnings, dragging down other chip names.
Cruise lines like Royal Caribbean and Carnival Cruise closed higher as investors took bullish positions ahead of the companies’ reports.
ONE TRADE IDEA FOR TOMORROW
Briefly: In a visit with the United Steel Workers union today, President Joe Biden outlined the U.S. government’s strategy against what he described as China’s unfair trade practices, particularly in the steel and aluminum sectors.
What Happened: The speech highlighted the administration’s ongoing investigations and potential policy responses designed to level the playing field for American industries.
Specifically: The president criticized the Chinese government for subsidizing its steel industries to an extent that allows them to offload excess production globally at reduced prices, disrupting market dynamics.
Why It Matters: Biden detailed the actions the U.S. is considering if these investigations confirm the allegations, including raising tariffs on Chinese exports of those commodities to 25%, triple the current level of 7.5%.
Click here to read more.
PRESENTED BY OXFORD CLUB
Dear Reader,
Nvidia stock has been on fire this year… And while the regular gains have been spectacular...
Research shows that a new strategy that was just introduced by multimillionaire trading wizard Nate Bear could have produced BIGGER gains in one-seventh of the time!
He calls the strategy "One Ticker Payouts"...
It involves one ticker… One trade… Every week.
And in June, NVDA could have produced three winners (out of four trades)...
And $1,000 in each of the four trades would've turned into $13,700!
This 243% total gain (within a month) is more than NVDA has made all year!
But that's the power of One Ticker Payouts.
How is this possible?
Sincerely,
Ryan Fitzwater
Associate Publisher, Monument Traders Alliance
P.S. Nate's next One Ticker Payout is this upcoming Monday!
This ad is sent on behalf of Monument Traders Alliance. 105 West Monument Street, Baltimore, MD 21201.