🤓Time to Sell the Tech Rip?

Good morning. There's an old Wall Street saying: Sell in May and go away. After the first quarter...

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.

Good morning. There's an old Wall Street saying: Sell in May and go away. After the first quarter of the year, stocks do tend to have lower returns going into the summer and autumn, before rallying to close the year. However, this month hasn't been too terrible… at least so far. Stocks were moving in a tight range until they tried to break higher last week. Then they got knocked down as the debt ceiling deadline has inched closer. That may be why traders are starting to take profits on up days – selling the proverbial rip, especially after yesterday's rally in tech, fueled by a massive move in Nvidia (NVDA). Those who have leveraged positions long may want to wait until the debt ceiling is settled, to avoid risking any big losses. And those looking to hedge can buy relatively inexpensive put options going into the long Memorial Day weekend, thanks to the market's range-bound trading this past month. Now here's the rest of the news: Sponsored Content Trade With Artificial Intelligence For Happiness Acronyms are fun. They're also helpful. They simplify complex or lengthy terms or phrases into shorter, more manageable forms. They also condense information and make it easier to remember and communicate. And this acronym represents how A.I. is helping more and more traders around the world spot trend reversals in a snap 1 - 3 days in advance with up to 87.4% proven accuracy. Ready to learn more? CHECK IT OUT NOW >> MARKETS DOW 32,764.65 -0.11% S&P 4,151.28 +0.88% NASDAQ 12,698.09 +1.71% *As of market close • Stocks were mixed on Thursday, with tech stocks jumping higher. • Oil slid 3.2 percent, closing at $71.94 per barrel. • Gold fell 1.3 percent, ending the day at $1,939 per ounce. • Cryptocurrencies moved higher, with Bitcoin at $26,493 at the stock market close. Today's TOP TIPS Invest With Leaders That Have Pricing Power One of the most valuable things a company can do is become a key provider of products or services to the point where they can raise prices without losing much, if any, market share. This pricing power can be crucial for beating inflation. And it can also mean a good investment for shareholders, as being able to raise prices ensures that profit margins stay high. » FULL STORY Insider Trading Report: Kronos Worldwide (KRO) Andrew Nace, an executive vice president at Kronos Worldwide (KRO), recently picked up 4,000 shares. The buy increased his stake by 46 percent, and came to a total cost just over $33,200. This marks the first insider buy of the year. Two company executives were buyers of shares last year, but the largest buy then was for a 2,000 share stake valued at just over $16,000. Overall, insiders haven't been too active in buying or selling their shares. » FULL STORY Unusual Options Activity: General Motors (GM) Automaker General Motors (GM) is down about 7 percent over the past year, and shares appear to be at the low end of a trading range before the stock pops higher. One trader is betting on such a rally in the coming months. That's based on the August $42 calls. With 84 days until expiration, 9,011 contracts traded compared to a prior open interest of 150, for a 60-fold rise in volume. The buyer paid $0.15 to make the trade. » FULL STORY IN OTHER NEWS • Fitch Puts U.S. Debt on Negative Credit Watch Fitch Ratings has placed the U.S. on a negative credit watch, citing the potential for an upcoming debt default as early as next week. While it's not an official downgrade, it's a sign that the ratings agency could downgrade U.S. debt. Standard and Poor's was the last to downgrade U.S. debt in 2011. • Airlines Expect Summer Boom The airline industry is expecting a record number of travelers this summer, which kicks off with Memorial Day weekend. The industry is working on ways to ensure that fliers avoid any potential aggravation, and some airlines have even worked to increase the number of flights to meet demand. • Broadway Reaches Pre-Pandemic Seating Levels Over 88 percent of seats were filled on Broadway during the 2022-2023 season, just shy of the 89.7 percent level hit in 2018-2019. The past season represents the first full year for shows since Covid, and shows that theater has made a strong rebound, with nearly 12.3 million people seeing a Broadway show. • Microsoft Warns on Chinese Hackers Tech giant Microsoft (MSFT) has warned that Chinese hackers, sponsored by the state, may have compromised critical "cyber" infrastructure. That includes communications and government organizations. The hacking dates back to 2021, and Microsoft has informed the impacted parties. • Meta Conducts More Layoffs Meta Platforms (META) started its latest round of layoffs this week, impacting about 6,000 employees. The move is part of a planned 10,000 layoffs in total so far for 2023, on top of 11,000 roles that were eliminated in November 2022. At its peak, Meta had 87,000 employees. S&P 500 MOVERS TOP NVDA 24.37% MPWR 17.461% AMD 11.157% ANET 10.608% CDNS 10.222% BOTTOM DLTR 12.031% ILMN 8.991% M 7.51% PODD 5.685% INTC 5.571% Quote of the Day These debt ceiling negotiations tend to resolve in a last-minute fashion with concessions by both sides. There certainly is a historical precedent of getting the job done, albeit, you know, there is some consternation and probably political theater leading up to the final resolution. - Mona Mahajan, senior investment strategist at Edward Jones, on why the debt ceiling will be resolved, albeit at the last minute as has historically been the case. 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