Boeing Ready To Fly Again
Welcome to the Rude Awakening for Wednesday, November 18th.
Looks like the markets are trying to open to the upside today…
Housing Starts Are UP
The market is reacting very favorably to housing starts!
And that’s interesting because they are one of the main drivers of the economy.
When you think about it, it’s very difficult to get a house built these days, yet housing starts continue to perform above expectations.
Even with the bad news on the economic front, there are still certain sectors like housing that are absolutely killing it out there.
What to Keep Your Eye On Today
A couple of things to keep your eye on today in the marketplace…
One is the electric car manufacturers sector…
As I mentioned yesterday, the granddaddy of them all is Tesla.
TSLA has just been introduced into the S&P500 index.
It had a little bit of a pop yesterday and looking to maintain that growth today.
And also, we are keeping an eye on Tesla’s Chinese competitor, NIO.
NIO reported earnings after market close yesterday, narrowing their losses.
It opened with a pop today but it’s starting to give some of that back.
But this is the stock to watch in the EV market right now…
It’s run from $3.00 per share up to $50.00 per share in a very short period of time.
So, we’ve got our eye on NIO for a possible overbought situation and a bearish trade.
Let’s Talk BA
Boeing (BA) is also on our list of companies to watch.
Finally, the FAA is approving the 737 MAX to fly again with full certification. It’s been a long time coming!
As a result, BA is pushing higher, getting to the $230 level which is the last previous high that it reached back in June.
So, if it can push through that $230 level, it would indicate another buy signal on this stock.
Last But Not Least…
We’ve got BYND on our radar as well.
This is the plant-based burger company, Beyond Meat.
It’s had a couple of knocks lately and we think it’s a little overvalued.
It’s third quarter earnings were not great, and a couple of brokerage firms have put a lower target price on it.
Also, word is that McDonalds is starting its own plant-based burger and excluded BYND from its distribution systems. So, that could put pressure on BYND’s stock price.
It might have some downside opportunity going forward.
That’s our overview for today, folks!
Have a great and safe trading day.
We’ll talk again tomorrow.
Editor, Rude Awakening