The Dow will try to build on its mid-week rebound after adding over 100 points on Wed. Lyft (LYFT), which gained 31% on Feb. 14, might build on the buying momentum as bears held too big a short bet against the firm. The short interest is 13.1%.
After avoiding Tuesday’s selling, Nvidia (NVDA) may widen its lead over Google parent, Alphabet (GOOG). Mid-day yesterday, Nvidia surpassed Alphabet by market capitalization, which is now at $1.82 trillion.
ETF Trades
Readers who would rather trade the overall market instead of holding companies should consider the S&P 500 (SPY). Analysts at Wolfe Research are cautious that the index could fall to 4,800. January inflation data greatly cuts the chances of interest rate cuts in March or even in June. Investors may hedge against the market’s decline by considering puts. They rise in value when markets fall. When overbought conditions correct with profit-taking, SPY puts rise.
For the energy sector watchers, Occidental Petroleum’s (OXY) results will move the stock price today. The company posted non-GAAP EPS of 74 cents. Revenue declined by 9.6% to $7.53 billion. Most importantly, its 1,234 Mboed production exceeded the midpoint guidance. Occidental managed through the third-party outage in the eastern Gulf of Mexico.
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