• Subscribe
  • Log In
  • Home
  • Daily Diary
  • Asset Class
    • U.S. Equity
    • Fixed Income
    • Global Equity
    • Commodities
    • Currencies
  • Sector
    • Basic Materials
    • Consumer Discretionary
    • Consumer Staples
    • Energy
    • Financial Services
    • Healthcare
    • Industrials
    • Real Estate
    • Technology
    • Telecom Services
    • Transportation
    • Utilities
  • Latest
    • Articles
    • Video
    • Columnist Conversations
    • Best Ideas
    • Stock of the Day
  • Street Notes
  • Authors
    • Bruce Kamich
    • Doug Kass
    • Jim "Rev Shark" DePorre
    • Helene Meisler
    • Jonathan Heller
    • - See All -
  • Options
  • RMPIA
  • Switch Product
    • Action Alerts PLUS
    • Quant Ratings
    • Real Money
    • Real Money Pro
    • Retirement
    • Stocks Under $10
    • TheStreet
    • Top Stocks
    • Trifecta Stocks
  1. Home
  2. / Investing
  3. / Stocks

'Nervous' Market Waits for More Stimulus News

I've made a few new buys Thursday morning.
By JAMES "REV SHARK" DEPORRE
Oct 01, 2020 | 10:57 AM EDT
Stocks quotes in this article: QQQ, ALL, GS, HZNP, VLDR, TSLA

There is a positive bias to the early action as market players are hopeful that a stimulus deal will be made, although there is a high level of skepticism. They will hit the exits quickly if there are more headlines about being "far apart."

Breadth is good with around 4,500 gainers to 2,600 decliners. The FATMAAN names are green, SPACs are acting a little better, and the Nasdaq 100 (QQQ) is leading.

It continues to be a market for stock-pickers rather than index timers. I'm holding quite a bit of inventory simply because the positions have not done anything wrong. The charts are good and I don't see any reason to sell unless the bearish narrative gains some traction.

There is increased concern about big business layoffs. The news is full of layoffs at firms such as Allstate (ALL) and Goldman Sachs (GS) . It isn't having any major market impact so far but will be one of the main explanations for market weakness when it does occur.

I've made a few new buys Thursday morning. I added to my stock of the week, Horizon Therapeutics (HZNP)  , on news of a drug failure at a competitor. I also added to a position to Velodyne (VLDR) , which was a SPAC that just completed its merger Wednesday. The stock sold off substantially in part due to the chaos created when a ticker symbol is changed and also on locked shares being freed up for sale.

Thursday morning Baird initiated VLDR with an "outperform" and a $28 target. The analyst noted "strong engagements" with Tesla (TSLA) as well as a strong pipeline.

The market action looks nervous and I'm going to tighten up a bit. We are at the mercy of headlines about a stimulus bill.

Get an email alert each time I write an article for Real Money. Click the "+Follow" next to my byline to this article.

At the time of publication, Rev Shark was long HZNP and VLDR.

TAGS: Investing | Jobs | Markets | Politics | Stocks | Trading

More from Stocks

Melvin Capital's Demise Presents a Beauty of an Opportunity

Brad Ginesin
May 22, 2022 1:20 PM EDT

The top holder in several companies, the hedge fund's abrupt liquidation has contributed to weakness.

I'm Organizing a Bottom-Fishing Expedition

Bret Jensen
May 22, 2022 11:00 AM EDT

It is easy to see the value of this retail play.

Here's the Secret to Market Timing

James "Rev Shark" DePorre
May 21, 2022 10:00 AM EDT

You've probably been told timing the market is futile, but here's a way to make it possible -- if you're willing to do the work.

It's Official: That Hairy Animal With Claws and Sharp Teeth Is a Bear

James "Rev Shark" DePorre
May 20, 2022 4:31 PM EDT

Along with the media proclamation of a bear market, we have some improvement in the charts of many smaller stocks, but ...

Applied Materials Slips on Miss: Where Will the Chips May Fall

Bruce Kamich
May 20, 2022 1:00 PM EDT

Let's see what the charts say.

Real Money's message boards are strictly for the open exchange of investment ideas among registered users. Any discussions or subjects off that topic or that do not promote this goal will be removed at the discretion of the site's moderators. Abusive, insensitive or threatening comments will not be tolerated and will be deleted. Thank you for your cooperation. If you have questions, please contact us here.

Email

CANCEL
SUBMIT

Email sent

Thank you, your email to has been sent successfully.

DONE

Oops!

We're sorry. There was a problem trying to send your email to .
Please contact customer support to let us know.

DONE

Please Join or Log In to Email Our Authors.

Email Real Money's Wall Street Pros for further analysis and insight

Already a Subscriber? Login

Columnist Conversation

  • 02:24 PM EDT PAUL PRICE

    An interesting chart

    I'm betting heavily that stocks will be way up aga...
  • 10:10 AM EDT JAMES "REV SHARK" DEPORRE

    This Weekend on Real Money

    "Market Timing for Dummies"
  • 01:44 PM EDT STEPHEN GUILFOYLE

    Stocks Under $10 Portfolio

    We're making a series of trades here.
  • See More

COLUMNIST TWEETS

  • A Twitter List by realmoney
About Privacy Terms of Use

© 1996-2022 TheStreet, Inc., 225 Liberty Street, 27th Floor, New York, NY 10281

Need Help? Contact Customer Service

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data & Company fundamental data provided by FactSet. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by FactSet Digital Solutions Group.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

FactSet calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.

Compare Brokers

Please Join or Log In to manage and receive alerts.

Follow Real Money's Wall Street Pros to receive real-time investing alerts

Already a Subscriber? Login