Today is Monday, February 7, 2022.
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Meme Stock Trader Explains Success
Jake Sandhu, a 20-year-old swing trader who has been featured twice in The Wall Street Journal, explains how his investments went from $9,000 to over $100,000 on a new episode of the Early Bird podcast.
Beginnings: Sandhu says that he first got into meme stocks through an investment in a U.K.-based cinema company, which then led him to AMC Entertainment (NYSE: AMC).
Changing: While meme stocks have been good to Sandhu, he says that investors should look beyond meme stocks now and focus on fundamentals.
2022: Unlike last year, Sandhu says that 2022 is a more difficult year to pick stocks, citing the rough stock market in January as an example.
Final Thoughts: What advice does Sandhu have for those who want to become full-time swing traders? Find out by listening to a new episode of the Early Bird podcast.
Notable Earnings Today: Chegg (NYSE: CHGG), Tyson Foods (NYSE: TSN), Cerence (Nasdaq: CRNC), Amgen (Nasdaq: AMGN), Affiliated Managers Group (NYSE: AMG), Alpha and Omega Semiconductor (Nasdaq: AOSL), Ceragon (Nasdaq: CRNT), Simon Property Group (NYSE: SPG), Cna Financial Corp (NYSE: CNA), Rambus (Nasdaq: RMBS), Energizer Holdings (NYSE: ENR), Axcelis Technologies (Nasdaq: ACLS), Zimmer Biomet (NYSE: ZBH), Napco Security (Nasdaq: NSSC), Tenet Healthcare (NYSE: THC), AECOM (NYSE: ACM), Amgen (Nasdaq: AMGN), Cerence (Nasdaq: CRNC), Hasbro (Nasdaq: HAS), Leggett & Platt (NYSE: LEG), Loews (NYSE: L), Nuance Communications (Nasdaq: NUAN), ON Semiconductor (Nasdaq: ON), Take-Two Interactive Software (Nasdaq: TTWO), Varonis Systems (Nasdaq: VRNS).
Notable IPOs Today: Spree Acquisition Corp. 1 Limited (NYSE: SHAP), AP Acquisition Corp (NYSE: APCA), FTAC Emerald Acquisition Corp. Class A Common Stock (Nasdaq: EMLD), Revelstone Capital Acquisition Corp. Class A Common Stock (Nasdaq: RCAC), Aurora Technology Acquisition Corp. Unit (Nasdaq: ATAKU), American Rebel Holdings, Inc. Common Stock (Nasdaq: AREB).
Notable Equity Crowdfunding Campaigns Ending Today: Katch (NetCapital).
Notable Economic Events Today: Consumer Credit (3:00 p.m.).
Why the Grayscale Bitcoin ETF Decision Got Delayed
On Friday, the United States Securities and Exchange Commission (SEC) delayed a decision for an application from the Grayscale Bitcoin Trust (OCTMKTS: GBTC) to convert into a Bitcoin exchange-traded fund (ETF).
The Reason: The SEC requested clarity from Grayscale about how it will prevent fraud and manipulation if it became an ETF.
Background: Grayscale, which launched in 2013 and is the largest digital asset manager, filed to convert its investment vehicle into an ETF in late 2021.
Big Picture: This isn’t the first time that the SEC has delayed a decision for a cryptocurrency ETF. The agency approved of a handful of futures-based ETFs last year but hasn’t approved a spot Bitcoin ETF yet because it wants more time to examine the impact.
Final Thoughts: The SEC will issue a decision for Grayscale by early July.
3 February Stock Trends to Watch
After a volatile start for the stock market this year, here are three ongoing trends that investors should pay attention to in February.
Hike: The Federal Reserve is projected to raise interest rates as early as next month. This type of monetary policy will impact stocks. Companies are already preparing for a hike.
Earnings: We are in the midst of earnings season. This is the time of year for investors to review earnings and make adjustments to holdings in their portfolios.
War: Rising tensions between Russia and Ukraine could have a short-term impact on the market.
Final Thoughts: If you thought January was volatile, these events could really shake things up in February and March.
Trends to Watch
Happy Lunar New Year: China’s Shanghai composite jumps nearly 2% after returning from Lunar New Year holidays in mixed Asia trading (CNBC)
Watch for These: Top 5 cryptocurrencies to watch this week: BTC, ETH, NEAR, MANA, LEO (Cointelegraph)
Bad Tech Investments: A Big Tech Trade Is Losing Its Luster (The Wall Street Journal)
Carrier on my Wayward Son: Carrier to buy added stake in air conditioning JV from Toshiba in ¥100B deal (Seeking Alpha)
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