Good morning. Stocks briefly hit all-time highs on Friday, but sold off quickly. The reason?
It's the monthly jobs numbers today and they're not going to be pretty and will be possibly the tip of the iceberg as we head into May.
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| | |  | DOW 30,180.69 | -0.40% | | | | S&P 3,709.44 | -0.35% | | | | NASDAQ 12,755.64 | -0.07% | | | | | *As of market close | | | • | Stocks dropped going into the weekend, but traded well off their lows of the day. | | | • | Oil dipped 0.3 percent, ending at $1,885 per ounce. | | | • | Gold generally declined, ending at $1,885 per ounce. | | | • | Cryptocurrencies generally declined, with Bitcoin last trading at $22,776. | | | | | |
| | | The King of Semiconductors is Coiling for a Move Higher | | | | Tech stocks have been a clear winner in the market, as they tend to be in most years. Looking to 2021, one major company in the semiconductor space looks poised to move higher.
That's because shares have sat out the most recent rally, instead trading in a tight range the past few months. Like a coiling spring, when a move happens, it could be huge. That's why at least one trader sees a big move higher.
» FULL STORY | | | | |
| | Insider Trading Report: Southern National Bank of Virginia (SONA) | | | | Dennis Zember, President and CEO of Southern National Bank of Virginia (SONA), just increased his holdings by 200 percent. That came as a result of a 100,000 share buy, which cost the CEO just over $1.1 million.
Insider data shows that company directors and C-suite executives alike have been buyers over the past three years. There have only been two sales from a major holder, a capital fund and not a director or executive.
» FULL STORY | | | | |
| | Unusual Options Activity: FireEye (FEYE) | | | | Shares of cybersecurity firm FireEye (FEYE) dropped on news of a massive hack before turning around on Friday. At least one trader sees shares moving even higher.
That's based on the January 2021 $19 calls. With 25 days until expiration, over 21,100 contracts traded, a 121-fold rise in volume from the prior open interest of 174. The trader paid about $0.33 for the contracts.
» FULL STORY | | | | |
| | | | TOP | | | FTNT | 6.913% | | | | TSLA | 5.961% | | | | NTES | 4.291% | | | | VMC | 4.071% | | | | ABMD | 4.043% | | | | BOTTOM | | | INTC | 6.298% | | | | FDX | 5.711% | | | | AIRC | 4.877% | | | | VNO | 4.351% | | | | BXP | 4.292% | | | | |
| | |  | | Official numbers don't show the inflation that people see in their day to day life. Most Americans spend a lot on housing, food, education and heath care. They are all going up in price. That doesn't feel deflationary to me. | | - Patrick Leary, chief market strategist and senior trader at Incapital, on why the Federal Reserve may be allowing inflation to run higher than expected with its current policies.  | |
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