Overtime
Mailtime
Good morning,
It’s the last Tuesday of the month, which means Overtime becomes Mailtime.
No questions this month, but we got some really timely chart requests. I’ve also added our new “AI says” fundamental summary for each stock in the footnotes1, so check it out if you’re interested.
Thanks to everybody who participated. Let’s get into it!
Chart Requests
ANET: Arista Networks
Despite being semiconductor/data-center-adjacent, ANET is basically unchanged since last October. Still, the chart is generally constructive above a rising 200-DMA, so the base case should be that the marked triangle resolves higher.
AVGO: Broadcom
As I mentioned in our last Stock Trends, Broadcom has been one of the weakest semis out there, measured by relative strength. I see no case for being long, but if you are, we’re at critical support. A break of the 200-DMA and marked horizontal line, and it could be a quick trip to $300.
BITW: Bitwise 10 Crypto Index Fund
This fund is basically Bitcoin plus a sprinkle of some other cryptocurrencies, so it looks just like Bitcoin. My view in yesterday’s Playbook was to continue to avoid, but short-term traders could play a countertrend rally if BITW is able to recapture the February lows (~$40.70).
CEG: Constellation Energy
There’s real technical deterioration here for a stock that was one of the best ways to play the AI boom from 2022 until October of last year. The trend has fully rolled over and relative strength just hit a 52-week low. Support at $240 has to hold or this has risk to $170. It should be off the table for buys until the red downtrend line is broken.
COST: Costco
