Good morning traders!
I trust that everyone had a productive session yesterday, as our newsletter once again provided timely insights that allowed us to capitalize on favorable market moves. Nasdaq, in particular, saw an impressive upward surge of 193 handles, closely aligning with our target mentioned in yesterday's analysis. Additionally, our call for strength in the travel sector proved to be on point, with significant gains observed in each stock identified. It is indeed a seldom occurrence when ALL stocks align perfectly with our projections, and we successfully identified over 15 such opportunities.
In the following section, I will touch upon the recent Micron earnings report, which worked out favorably for us as the stock experienced a post-earnings release rally, approaching our target level. This exemplifies the validity of the overall trend we have been monitoring, which has consistently presented us with lucrative opportunities during market pullbacks. As long as we maintain a strong bid in today's session, disregarding any potential news events, the upward trajectory remains intact. Rest assured, I will promptly notify you if we witness a break in the established trend. Such a reversal would likely be swift and substantial, catching many bullish market participants off guard. With the utilization of well-defined levels, I will be able to pinpoint the critical juncture when it materializes. It is important to note that while these levels may evolve as the market progresses to new value areas, the underlying approach and methodology will remain consistent.
Now, let us proceed to the remaining components of our comprehensive plan.
Micron - MU
Micron beats earnings as expected inside the Weekly Outlook, see below what was said:
Micron is currently situated within a significant value area. Despite a notable decline in earnings and the impact on Costs of Goods during the last quarter, I believe the stock is undervalued at its current price of 65. I anticipate potential upward movements in the range of 72-75. However, we should remain prepared for increased volatility as a result of the upcoming earnings release.
Target nearly achieved and expected to be hit early this morning after market open. Another tremendous call to add to the already robust earnings arsenal for 2023. So many winners this year and we have plenty more time to go!
JOBY
Called at 4.90, stock crosses 11 this morning off the back of FAA approving flying cars then JOBY secures a $100 million investment.
Travel Sector + GNRC
Entire sector on fire with many names provided spiking through recent highs.
DAL up 2%
CCL up 9%
AAL up 1.4%
ODFL up 3%
GNRC up 4%