It’s been a crazy week marred by nasty low-volume sell-offs.
I can’t tell you where all of the traders went, but they picked a good week to stay on the sidelines.
Aside from Tuesday’s quick relief rally it’s been nothing but red candles for the major indexes.
Friday saw the release of a new Consumer Price Index report, and it wasn’t pretty.
May posted the worst inflation figures yet for 2022 with an 8.6% gain year-over-year — the highest in over four decades, edging out March’s former high and crushing the hopes of economists that the worst was already behind us…
The news sent futures plummeting in the premarket as the Nasdaq and S&P 500 dropped nearly 2% deeper in the red at Friday’s open.
Despite the selling, the New Money Crew strategies were able to take some profits, extending our winning streak with Wiretap Alerts along with a little bonus action from a nice midweek move in DraftKings Inc. (Nasdaq: DKNG)…
We also scooped up gains playing some defense with Kellogg Co. (NYSE: K) for Weekly Blitz Alerts!
But now that the cork’s been popped on the hot CPI print, traders will need to be on guard for more volatility…
And I have three stocks seeing incredible order flow to add to the New Money Crew Weekend Watchlist!
New Money Crew Weekend Watchlist: June 10, 2022
Leading off the Weekend Watchlist, New Money Crew is rolling with Goodyear Tire & Rubber Co. (Nasdaq: GT). Threats of rising costs, Monkeypox and rising COVID-19 infections aren’t keeping Americans from traveling. TSA throughput for May jumped 33% year over year, and we’re ready to hit peak travel season as schools around the country let out for summer break.
The company reported its highest first-quarter revenue in a decade despite all of the disruptions we’ve dealt with in 2022. The company has consistently crushed earnings since its merger with Cooper Tire, but shares have been range-bound since the February sell-off.
This is a solid business trading at a cheap price, and the bulls are starting to notice after we saw large institutional call buying in both short- and long-term options hitting the tape this week.
Coming in the two spot is Pinterest Inc. (NYSE: PINS). It’s been a rough year for the social media company. Shares are down 47% year to date as tech and communications stocks have fallen out of bed after a meteoric rise through the height of the pandemic. But things have started to pick up in the past two weeks.
The company announced on June 2 the acquisition of an AI-powered shopping platform the Pinterest C-suite believes will improve its shopping experience. The announcement helped drive a 12% spike in the share price through Wednesday’s session, setting off a rash of bullish options in the June and July-dated options, even as shares dipped Thursday.
Last on the list for the New Money Crew Weekend Watchlist is a surprisingly strong name — Nordstrom Inc. (NYSE: JWN). We talked about just how strong JWN’s performance has been in Thursday’s Blitz Daily. And that’s in the face of some nasty headlines from retailers like Target Inc. (NYSE: TGT), which lowered its guidance earlier this week on news that it has a ton of inventory collecting dust on its shelves.
And while we might see a bounce in the discount retailers now that this round of bad news has settled, higher-end and luxury retailers should hold up even with inflation running wild. That’s why I like Nordstrom’s here — the chart is strong and so is the order flow.
And we always follow the flow.
P.S. Obscure ‘Market Pattern’ Opening
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