2 Pullback Stocks, Nasdaq Pressures and This Week’s Review

by | Oct 22, 2021 | Market Updates

Markets opened slightly lower on Friday after weak manufacturing data. Overall, the week has been stable. Indicators are within normal levels and earnings continue to be mostly positive. The Nasdaq, however, is dealing with a tug of war between earnings and interest rate pressures. And that’s not even taking into account the supply chain and potential winter COVID-19 outbreaks. Markets will likely continue to be choppy — and more in Friday’s stock market recap.

So I’ve picked out two stocks that made 90-day highs and have pulled back to their 50-day moving averages. 

Stock Market Recap

In Friday’s stock market recap, stocks opened slightly lower and the Nasdaq dipped in the morning.

Large-cap tech stocks will experience the most pressure going forward. These names typically have promising future profits priced in. A rise in interest rates and ongoing supply chain problems would ultimately affect future earnings, and valuations would drop. 

The Purchasing Managers Index in October was 57.3, beating analyst expectations. September’s figure was 55. Any reading above 50 signals growth, and below 50 signals contraction. Other large economies around the world also experienced growth except for Europe, which was due to raw material shortages. 

Roger’s Radar: Top 2 Pullbacks to Trade the Market’s Uncertainty

Yandex N.V. (Nasdaq: YNDX)  is a Russian internet and technology company. It’s basically Russia’s Google and offers a search engine, geolocation services, email, cloud-based storages, and many other offerings you’d see from a tech behemoth. YNDX has pulled back from all-time highs and could break out to the $79 to $80 level. 

The second stock on my radar is a coal company with impressive growth in the past year. It looks like it has more fuel to keep going on its upward trajectory. 

In this video, you’ll discover which index is lagging and which one is leading… the most probable scenario for the bond market in the near term… the biggest Federal Reserve data to pay attention to right now… a global update on China and Evergrande… and two hot pullback stocks for you to buy right now.

 

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WRITTEN BY<br>Roger Scott

WRITTEN BY
Roger Scott

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