The Weekend Rip: Where Will Stocks March This Month?

Tale of the Tape

Good evening, ladies and gentlemen. We sure hope you enjoyed your weekend after last week’s exhausting action. 🥵

The Nasdaq flopped 5% last week, erasing the majority of its 2021 gains. While the major indexes traded red, we saw rotation back into the re-opening plays. Airlines, energy, and even MemeStocks saw love. 

Crypto finally pulled back, proving gravity does exist. Bitcoin and Ethereum both sold off early Monday and continued throughout the week. 

Zoom Video and NIO are expected to report earnings on Monday, Target on Tuesday, and Snowflake wraps up Wednesday.

Here’s the weekly S&P 500:

And last week’s changes: 

S&P 5003,811-2.45%
Russell 20002,201-2.90%
Dow Jones30,932-1.78%

Monthly Charts 🕯

The market fought back in February, will strength continue in March? Place your bets…

The S&P 500 closed at a new monthly all-time high. $SPX was up 2.61% in February and is up 1.47% YTD.

The Small-Caps closed higher for the fifth consecutive month. $IWM tacked on 6.14%, it’s now up 11.5% YTD.

Energy has been hot, heck, nearly half of the ST Top S&P 500 List’s names are oil companies. $XLE exploded 22.5% making its 3rd best month of all-time. 🛢

The Airlines took flight as $JETS tried to recover to pre-covid prices. The Global Jets ETF surged 22% this month.🛫

Financials flew to all-time highs. $XLF finally closed the month above $31. A level that dates back to the Great Financial Crisis. damn.  

Bitcoin bolted through 50K for the first time ever but couldn’t close over the round number. $BTC.X is up ~40% this month. 

After outperforming Bitcoin in January, Ethereum underperformed in February. Still, the second largest crypto closed at new highs. $ETH.X increased ~ 10.5% in February. 

Stimmy, Stimmy, Stimulus

The House of Representatives passed President Biden’s $1.9 trillion stimulus deal early Saturday. 

The bill is on its way to the United States Senate which is split 50-50 between Republicans and Democrats. Amendments to the House’s plan will be offered next week in hopes of passing the bill.

If the bill is to pass in the Senate, the House will then need to pass the Senate’s version. If not, the two chambers will meet to draft a final piece of legislation. 

Here’s CNBC with more.

Sunday Links:

👀 Free investing workshop: IBD is hosting a virtual event on the basics of fundamental analysis, technical analysis and market timing*

🏀 Life in the NBA When You Don’t Dunk 

⚠️ Entrepreneurial Heroes: A Warning – The Big Picture

📈 In The Know with Cathie Wood 

⛓ NFTs and a Thousand True Fans

🛹 Vans’ “Rowan Mix” Video 

🎧 Josh Waitzkin and Tim Ferriss on The Cave Process, Advice from Future Selves, and Training for an Uncertain Future

🏯 A Japandi-Style Home Transforms Into a Zen Paradise

The Week Ahead

And now a brief and well-organized look ahead at the trading week beginning Monday, March 1st, 2021:

Economic Calendar:

3/4 Jobless Claims (8:30 AM ET)
3/5 Unemployment Rate (8:30 AM ET)

Here’s the full Economic Calendar provided by Briefing

Earnings Calendar:

Be sure to know when your stocks are reporting. Here’s the earnings calendar