Five Trade Ideas for This Week: Credicorp Ltd. (BAP), Dana Incorporated (DAN), Integrated Device Technology, Inc. (IDTI),KKR & Co. L.P. (KKR) Teradata Corporation (TDC).
“You can’t print your way to prosperity.” I used to believe that, but……….meh………here’s what yet ANOTHER “stimulus” package from Congress did for stocks today:
A new lifetime high in the NASDAQ as well as the S&P. That’s what a trillion (with a “T”) dollar infrastructure proposal from Congress did. And, after all, it’s easy to conjure up the money; since we’re already $20 trillion in debt, why not pile on another trillion? Hell, that’s only 5% more debt!
SPX retraced a little deeper than I expected yesterday and I’ve adjusted the support trendline but on the RSI 14 the low was exactly at triangle support and this is a decent looking triangle. The next target within the triangle would be to triangle resistance, currently in the 2276 area. Stan’s looking for a very possible break up there. SPX 60min chart: