?? Iran's Strike on Israel Spurs Cautious Stock Market Reaction
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The articles and information in this newsletter are a summary of yesterday’s trading and related news. They are presented for informational purposes only. Nothing in the newsletter should be taken as investment or trading advice.
S&P 5005, 708.75-53.73 (-0.93%)
Dow Jones 42,156.97-173.18 (-0.41%)
NASDAQ 17,910.36-278.81 (-1.53%)
Market close: October 1, 2024
Breaking News
Iran's Strike on Israel Spurs Cautious Stock Market Reaction.
?? Iran's missile attack on Israel has driven investors to safe-haven assets, while global stocks remain cautious amid uncertainty over potential escalation. Markets are watching closely for Israel's response, which could further impact risk sentiment and equities. Reuters reports.
Image source: Adobe Stock by Maximusdn
EdgeUp
??? VoiceAI: OpenAI introduces new tools to fast-track building of AI voice assistants. Reuters reports.
?? CitiClear: Fed terminates 2013 money-laundering enforcement action against Citigroup. Reuters reports.
?? SupplyLift: Novo Nordisk has mitigation plans to minimize disruption from port strikes. Yahoo Finance reports.
?? RudderRisk: US warns foreign operators may be using Boeing 737s with suspect rudder control parts. Reuters reports.
?? BioBoost: J&J to invest over $2 billion for new manufacturing facility in North Carolina. Yahoo Finance reports.
?? CheckMiss: Nike withdraws guidance, postpones investor day as it gears up for CEO change. CNBC reports.
Top 5 Movers in Early Pre-Market
(All pricing and percent gains are based on Early Pre-Market from 4:00 AM to 7:00 AM Eastern Time) Benzinga reports.
1. $API: Agora
Total gain: 118.9%
2. $MTC: MMTEC
Total gain: 47.81%
3. $DUO: Fangdd Network Group
Total gain: 42.77%
4. $TIGR: UP Fintech Holding
Total gain: 32.58%
5. $ICCT: iCoreConnect
Total gain: 31.31%
A Question About Risk
Bob Iaccino is a chief market strategist and co-founder of Path Trading Partners. He joins us live every Thursday from 11am ET, as our Risk Management educator.
What are the qualifying rules for doubles – The Sweet Spot?
The right side must retrace at least 76.4% of the left-side swing, from the low to the peak that forms the "W" in a double bottom. In addition, the same right-side low must not touch or exceed the 123.6% extension of the left-side move, from the swing low to the peak. Simply put, the right-side low must fall between the 76.4% retracement and the 123.6% extension.
How can traders learn to spot double top and bottom patterns more easily?
Traders should review their charts across various time frames and look for examples. Here are some key things to pay attention to:
If a double top or bottom is invalidated due to the sweet spot rule or target rule, note that on your chart. If the potential confirmed double returns to the sweet spot for a third time, record that on your chart as well. Then, observe the price action. That’s the only way traders will get better at spotting these patterns.
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Yesterday’s Biggest Movers
The closing price of the top three market percent gainers trading near or above $3 on October 1.
(All pricing and percent gains are based on regular market trading hours from 9:30 am to 4:00 pm Eastern Time)
1. $INDO: Indonesia Energy Corporation Limited
Total gain: +57.81%
The stock appeared to be moving on no notable news.
2. $UNFI: United Natural Foods
Total gain: +30.56%
The company reported its financial results for the fourth quarter (14 weeks) and fiscal year (53 weeks) that ended on August 3, 2024. In the fourth quarter of fiscal 2024, net sales rose by 10.0% to $8.2 billion, reflecting a 2.1% increase on a comparable 13-week basis. However, the company experienced a net loss of $37 million, resulting in a loss per diluted share (EPS) of $(0.63). Adjusted EBITDA increased significantly by 53.8% to $143 million, which includes an approximate $10 million benefit from the additional week in the fiscal period. The adjusted EPS was reported at $0.01. Benzinga reports.
3. $QSG: QuantaSing Group
Total gain: +28.02%
The company announced that its board of directors has approved the declaration and distribution of a special dividend of US$0.067 per ordinary share (US$0.201 per American depositary share, or ADS). The total amount of the special dividend will be approximately US$11 million, payable in U.S. dollars and in cash. This distribution will be funded by surplus cash and will be disbursed from the company's share premium account. Benzinga reports.
Today’s Notable Earnings
(Estimate and Actual numbers represent Earnings Per Share in US Dollars)
LEVI Levi Strauss
3Q 2024
After Market Close Estimate: 0.310
Actual: N/A
CAG Conagra Brands
1Q 2025
Before Market Open Estimate: 0.590
Actual: 0.530
RPM RPM International
1Q 2025
Before Market Open Estimate: 1.750
Actual: 1.840
Today’s Key Economic Dates
Time (ET) / Report / Period
8:15 am ADP employment - September
9:00 am Cleveland Fed President Beth Hammack gives welcoming remarks
10:05 am St. Louis Fed President Alberto Musalem gives opening remarks
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Parting Thoughts
"The market’s volatility is a friend to the disciplined investor, offering opportunities where others see only risk.” ― Howard Marks
Sourced in: "The Most Important Thing: Uncommon Sense for the Thoughtful Investor", by Howard Marks, published in 2011
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