Stocks finished broadly higher on Thursday, but the price action didn't feel like anything special. While the bulls were in control of the session and traders were ready to buy the dip, many of the stocks on my screen looked a bit blah. The Invesco QQQ Trust (QQQ) , despite finishing the regular session nearly 2% higher, closed only fractionally higher than its high during the first five minutes of the session. The same scenario applies to the SPDR S&P 500 ETF (SPY) .
Before we talk about yesterday's after-hours destruction in the semiconductors, I think it's worth noting that, despite my complaints about Thursday's dull price action, that are still plenty of stocks in bull trends. I've never tried one of Monster Beverage's (MNST) energy drinks, but the chart looks great. It has been consolidating around an all-time high for the past two months. The chart looks pretty good, with the 50-day exponential moving average (EMA) providing a logical area to measure risk against.
Two other names that look good are Credo Technology Group Holding (CRDO) and Mobileye Global (MBLY) . While I wasn't thrilled with how MBLY traded during Thursday's regular session, the company reported strong fourth-quarter earnings before yesterday's open. If the stock consolidates above $30, it will remain on my trading watchlist. I'd like to see CRDO consolidate for a few more days while the 10-day and 21-day EMAs catch up, but overall, I love the chart.
Yesterday's blow-up du jour was Intel (INTC) . Intel missed the top and bottom lines, and just to make sure no one left the call with a glimmer of hope, it followed up its quarterly disappointment by providing horrific revenue guidance. As terrible as the company's earnings report was, we're still dealing with a stock stuck in consolidation between $25 and $30. Ultimately, I suspect it breaks to new lows. The only hope for bulls is that the company's dividend remains intact, but based on its forward guidance and questionable free cash flow, I'm not sure how long investors will keep the faith.
