Black Friday & Cyber Monday Charged Up E-commerce Stocks 🚀
About 30% gain within 30 mins from the opening bell on Cyber Monday. ⚠️ Trading tips: looking at calls above 390 and dip buy around 388 for a bounce on Tuesday. Expecting another choppy day as many Fed speakers are lined up for the mic from 10am.
Get ready for action!
In The Arora Report analysis, there is a reasonable probability that permabulls will be right, but it will depend upon the new data that is ahead.
The chart below shows that the stock market is levitating right under the mini resistance zone. If the stock market breaks above the mini resistance zone, the next target is the resistance zone shown on the chart.
Support & resistance levels
The consensus among permabulls is that in December the stock market will rocket to the resistance zone shown on the chart.
Supporting permabulls’ case is that consumers splurged on Black Friday. According to Adobe Analytics, consumers spent a record $9.8B online on Black Friday. This is 7.5% higher than last year. Overall, Black Friday sales rose 2.5% year-over-year according to Mastercard.
How are consumers paying for the splurge? In addition to maxing out their credit cards, consumers are extensively using buy now pay later. Foot traffic in retail stores rose by 2.1% year-over-year. Various reports estimate foot traffic in stores rising by 2% - 5% year-over-year.
Economic news this week
Analysts and investors are closely watching sales during the five-day period beginning Thanksgiving Day and ending on Cyber Monday as a barometer for the overall holiday shopping season.
The National Retail Federation, a trade group, expects shoppers will spend more this year than last year, with sales in November and December projected to rise 3% to 4% year over year. Even as inflation has cooled, grocery prices are still high, and the resumption of student loan payments has eaten into some consumers’ holiday budgets.
The expectations are for Cyber Monday to generate about $12B of sales online. This estimate is over 5% higher compared to last year.
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Cyber Monday won’t change Amazon’s fundamentals
I hope QQQ can end the shock as soon as possible
Cyber Monday is good for Amazon, right?
Is going long QQQ really a good choice?
390 is indeed a key position for QQQ