“This is gonna end so poorly” — 30 Minutes of Awesome

by | Feb 14, 2024

 

Earnings continue, but CPI has taken center stage… With inflation stubbornly hanging on, major indexes sold off almost 2% before recovering slightly.

Is this the start of a crash?

Find out what you need to know on today’s show, including:

  • @ 4:24 – (S5FI) The percentage of S&P 500 stocks propping up this rally keeps shrinking… and a narrow rally means an unhealthy market. Beware!
  • @ 5:55SMCI shrugged off the CPI report and pushed higher today. But if you think that’s a sign of strength, you have another thing coming → Jeffry warns: “This is gonna end so poorly.

  • @ 6:10 – (NVDA) Speaking of irrationally exuberant stocks, if you missed NVDA’s amazing bull run, don’t get FOMO (fear of missing out) now… The juice is gone.
  • @ 8:08 – (SPX) Jeffry’s had a 5150 target on this for a while. And it looks like it could happen. Heck, it might even blow through that. “This thing could keep being ridiculous.”
  • @ 10:08 – CPI came in hot… and those rate cuts the market’s been expecting? Yeah, they could be sidelined until further notice. PPI comes out this Friday…

  • @ 14:25 – On manufacturing: “Besides Covid, this is one of the worst times”
  • @ 16:22Nasdaq 100: So far the pullback is just an echo of prior moves. This puts us on track to hit the 18,400 target Jeffry’s had on his chart a while now

  • @ 17:25 – Russell 2000 (IWM) – That was NOT an echo. That one reversed hard.  “A big red candle right off the resistance… “ Tune in for upside bounce, then several downside targets!
  • @ 19:33 – Crude oil: “Kind of strong today…” Could be headed to the 86 – 90 area!

  • @ 20:50 – Get ready to pay more at the pump: Gas spikes and it could be headed even higher!

  • @ 22:15 – Home heating oil (CRAK): “That could push us into a recession right there… in fact, that combined with rates… could push us into a greater depression” (a coming 10 year depression is something Jeffry’s warned about several times over the past few years)

  • @ 26:16Gold futures: “continuing on the path lower”

  • @ 30:07 – (AMZN) “a retrace would be a really nice place to load up to load up for the long term to a mega run higher” Tune in for key levels!

  • @ 31:38 – (MSTR) “chugging higher… 800, 900 upside targets. Possibly 1080

  • @ 35:37 – (SMCI) “SMCI is at ludicrous levels. But the ultimate ludicrous level is up here at 1100…” If we get to that point, Jeffry will be loading up on $700 or $800 puts. Remember Gamestop (GME)? SMCI looks just like that.

  • @ 37:55 – (NVDA) “It would not surprise me if it came back into this 300-400 area.

  • @ 38:23 –  (MARA) “Working on a breakout… 35 & 41 are the upside targets… and I’ve got way bigger targets — triple digits

  • @ 38:59Bitcoin: “If it breaks out above 52,000, it could go for the all time high

  • @ 42:07 – Robinhood (HOOD): “These guys actually hold as much Bitcoin as Microstrategy (MSTR)… but they won’t say who they’re holding it for

  • @ 42:39 – Disney (DIS) “working on a nice reversal… upside resistance at 116-117 area

  • @ 42:58UPS “been looking pretty crap… going down in a blaze of glory” Tune in for downside target!

  • @ 42:22CAT ripped higher — bounced right where Jeffry drew his resistance!

  • @ 47:52CBRL: “I would bet down… they’re running at a loss” And it could come during next week’s earnings report!

  • @ 49:38 – (DKNG) Upside targets of 44 and 48, but it could also break down to about 33

  • @ 52:55 – (URNM) Likely to retrace to 44 – 51, then pop off higher

  • @ 55:58 – American Express (AXP): Expected to top out at 216, or possibly 239

  • @ 58:00 – (ACGL) Could head down to $65 area

  • @ 1:01:31- (ANET) “Watch out below!” Anything that’s gone parabolic on the way up is likely to do the same thing on the way down. (ANET, NVDA, SMCI among others)

  • @ 1:03:50 – (ABNB) “I’m not as super bullish on ABNB as I was before” But it could go up to 165, bounce down and then setup for a mega jump higher! (Tune in for exact targets!)

  • @ 1:05:50 – (RBLX) “9 times it’s tried to break through this level. It’s probably going down

  • @ 1:07:33 – (VIX) “doesn’t play by the same rules as everybody else … I was expecting something in the 15-20 area and today qualified. That may be it until we retrace and get the next one

  • @ 1:10:03 – (ARM) “has been doing that ridiculous thing … and I expect it to come back down…” Tune in for THIS key level!

And so much more we didn’t cover: Zillow (Z), Harley Davidson (HOG), US Steel (X), Zoom (ZM), Avis (CAR), Domino’s Pizza (DPZ

Tune in to get key levels!

If you didn’t catch the show live, be sure to subscribe to Jeffry’s YouTube channel so you can get notified he’s  LIVE — and Jeffry will analyze your stocks on the air next time.

— The Jeffry Turnmire Trading Team

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