A simple strategy that buys recommended stocks weighted by the number of posts per day yields a portfolio with higher average returns at the expense of higher risks than the market for all holding periods, i.e., unfavorable Sharpe ratios. This is just ahead of the 38.2% Fibonacci retracement of the entire March-2020/November-2021 advance at 12,873.57.This study investigates stock recommendations from the three largest finance subreddits on Reddit: wallstreetbets, investing and stocks. On a break of 13,025, the next support is at the mid-May low of 12,896. Thus, on any strength, traders will be eyeing future's action closely vs the 30-DMA, along with the RSI, to add confidence in the sustainability of any bounce. In that event, however, the futures, would still have to contend with stiff resistance in the form of the descending 30-day moving average (DMA) which has been consistently capping strength since early-to-mid January.Īdditionally, since late-November, the RSI has been exhibiting bearish behavior by being unable to muster enough strength to reclaim the 70.00 overbought threshold. Such a convergence could signal building positive momentum and, therefore, the potential for a surprise upside turn. If so, this momentum indicator will have the potential to establish a second higher-low vs its late-January trough of 17.533. Meanwhile, the daily RSI, at just over 30.00, is attempting to stabilize above its February 23 low at 27.90. It should be noted that the NFIB is a politically active membership organization, and the index was last lower the month President Joe Biden was inaugurated. "Capex intentions dipped two points but are holding up well and are consistent with the idea that business fixed investment will rise at a double-digit pace over the next year," he writes. The percentage of respondents identifying hot inflation as their biggest problem hit the highest level in 42 years, and the net percent of participants hiking average selling prices reached a 48-year high.īut it's not all bad news, according to Ian Shepherdson, chief economist at Pantheon Macroeconomics. "Inflation continues to be a problem on Main Street, leading more owners to raise selling prices again in February," says Bill Dunkelberg, NFIB's chief economist. The NFIB's Business Optimism index (USOPIN=ECI) shed 1.4 points to land at 95.7, the sourest reading since January 2021, weighed down by inflation concerns. In a separate report, small business owners grew grumpier in February, according to the National Federation of Independent Business (NFIB). The closely watched goods trade gap with China held steady at $36.4 billion. "The deficit is poised to remain elevated for now on ongoing strong demand for imports," Farooqi says. economist at High Frequency Economics, who adds "overall, trade flows are at historic highs despite supply chain disruptions and logistical challenges." "Net exports have been a drag on GDP over the last six quarters and the early data suggest another negative contribution in Q1," writes Rubeela Farooqi, chief U.S. continued to outpace the rest of the world, a state of affairs which could bode ill for first-quarter economic growth. The Commerce Department's reading was $2.6 billion bigger than the consensus forecast, and was driven by surging imports as demand in the U.S. versus those of domestic origin exported abroad (USTBAL=ECI) widened more than expected in January to $89.7 billion, the largest deficit on record. The gap in the value of goods and services imported to the U.S. Data released on Tuesday - and late Monday - tells market watchers what they already knew: demand is robust, running circles around a slowly recovering supply chain.
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