To The Moon

Not that I am counting but the US market has been tumbling for the 3rd day in a row. Main catalyst for market “negative” sentiments, remain largely FOMC’s July minutes of meeting. By the time market closed: (1) DJIA: -0.84% (-290.91 to 34,474.83). (2) S&P 500: -0.77% (-33.97 to 4,370.36). S&P 500 is down -2.7% over the past 3 trading sessions. This is its deepest three-session drop since mid-March. (3) Nasdaq: -1.17% (-157.70 to 13,316.93). Nasdaq's is down -3.4% over the past 3 trading session. This is its deepest three-day drop since February. It has fallen below June’s low support at 14,688. Further losses could see the 100-day SMA tested next. Composite Indexes - Technical Analysis (TA) Respective composite index has fallen below their 20-day ma. Respective composite index has fallen below their 50-day ma. Respective composite index’s is within RSI reading in the 30+ range. It is neither oversold nor undervalued; not yet. If I were to take a bird’s eye view of the current US market, I think the market has turn its focus back to (a) the Fed and (b) its impending Sep 24-25 FOMC meeting; despite earnings reporting season is still in progress. With that, all official data that would be released from now until FOMC team convenes. On Thu, 17 Aug - US Dept of Labour released US weekly jobless claims report for week ending 12 Aug 2023 (see above). Claims have fallen by -11,000 to 239,000 claims; signaling labor market remains tight. This will not go down well with the Fed. Their July 2023 minutes of meeting has indicated that they remain steadfast in their quest to bring inflation back to 2%. On the last trading day of mid-August, US market is poised to continue its fall for the 4th day (see above); again, not that I am keeping track or counting. With US market - technically and sentimentally “weak” in the near term, is there any bargains to be had? I have always been keeping one eye on Nasdaq’s tech stocks; especially S&P 500’s Magnificent Seven. In case reader is unaware, the magnificent 7 stocks are :- $Apple(AAPL)$ , $Amazon.com(AMZN)$ , Alphabet, Meta Platform, $Microsoft(MSFT)$ , $NVIDIA Corp(NVDA)$ and $Tesla Motors(TSLA)$ . Having said that, the magnificent 7’s August sell-off has cost investors big time. According to S&P Global Market Intelligence and MarketSmith, Collective market value of the 7 stocks have plunged $632 Billion in August alone. The 7 stocks combined account for >50% of the S&P 500's market value loss in August. 5 of 7 stocks are responsible for the largest drops in market value in the S&P 500 this month. Apple, the gadget maker is down >-9% or -$315 Billion since the start of August. This accounted for 31% of the S&P 500's loss. Microsoft is down -4.6% or -$114 Billion in August alone. Although the Magnificent Seven as a group have reported huge loss, individually there is one stock that has bucked the trend. It is Amazon! Shares of Amazon are actually up >5% in first 14 days of August. With a price-to-earnings ratio of “109”, Amazon has added $76.9 Billion in market value. Amazon’s upside lies in analysts’ bullishness on the online retailer's earnings future. Analysts have bumped up Amazon’s earnings forecast for Q3 2023 by 29%. Analysts have bumped up Amazon’s earnings forecast for 2024 by 21%. Needless to say, market turned positive for Amazon (see below). Do you think you will be interested in Amazon? Do you think you will prefer the other 6 magnificent stocks instead? Please give a “LIKe”, “Share” & “Re-post” ok. Thanks. Rating is very important to me. Will you consider “Follow me” and get firsthand read of my daily new posts? @Daily_Discussion @TigerPM @TigerStars @Tiger_SG @TigerEvents