Bearish trading patterns for the magnificent seven technology stocks is underway. Apple (AAPL) will attract active trading as investors assess a report on the U.S. government preparing an antitrust lawsuit against the iPhone giant.
In the drug sector, Eli Lilly’s (LLY) enjoyed strong performance in the last year. Its new website offering telehealth prescriptions for drugs like obesity will widen the firm’s addressable market. The obesity drug is a hot growth catalyst in the pharmaceutical space like AI is to technology.
In the crypto market, Bitcoin’s (BTC-USD) dip ahead of an expected decision on the spot ETF will move the miners and platforms. Watch Coinbase (COIN), Marathon Digital (MARA), Riot Platforms (RIOT), CleanSpark (CLSK), and Microstrategy (MSTR).
Bitcoin enjoyed an uptrend from its $17,700 low to around $43,800. Bullishness depended almost entirely on expectations that the SEC would approve a spot bitcoin ETF. The market is not prepared for the SEC delaying the approval, nor is it ready for conditions or unnecessarily extra regulations.
With credit conditions extremely tight, no matter the talk of rate cuts, avoid the meme stocks. AMC Entertainment traded at an all-time low of $5.08 last Friday. Trading volume should rise this morning as speculators capitulate. They will book losses instead of holding strong (“Apes Together Strong”).
Speculative stocks like QuantumScrape are similarly meme-like stocks. They do not have any profits. Fisker (FSR), which is unlikely to meet its production targets, is also a stock to avoid.
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