Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Instead of interpreting how to trade the markets into a market deep in the red, the primary focus on Tuesday's PreMarket Prep Show was how to approach markets firmly in the green.
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Much to the surprise of co-host Dennis Dick, the markets were rebounding nicely from Monday's losses. The reason being, the sharp increases in the reported number of people diagnosed with the Coronavirus on Monday.
Without fully wavering from their bullish long-term stance on the markets, both he and the author of this article are strongly considering hedging some of their long-term portfolios. It's hard to imagine the markets holding up if there is a major outbreak in the U.S.
Finding Support In Pfizer After Q4 Miss
Before the open, Pfizer (NYSE:PFE) reported a fourth-quarter EPS miss of 2 cents along with a sales miss of $78 million.
When being covered on the show, the issue was well in the red and not showing any signs of mounting a rally. With further downside in the issue, the co-hosts attempted to find an area of support in the issue that it may fall to.
The author of this article identified the series of eight consecutive lows at the $38.70 area as target for short-sellers or for those wanting to try a long in the issue.
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After a lower open, it managed a brief bounce to $39.45 and resumed its move lower. As of 10:45 a.m. EST, it reached and surpassed the predicted support area as $38.51 stands as the low for the session.
Finding Resistance In Lockheed Martin After Q4 Beat
Also reporting results was Lockheed Martin Corp (NYSE:LMT), which bested Street estimates for EPS by 27 cents and by $608 million for sales.
While the issue blasted through its former all-time high of $433.35 (made on Monday) reaching $443.15, the hosts were skeptical of that level being revisited for a pair of reasons.
First of all, the rally took place on very light volume making it evident there was no significant seller being active in the pre-market session. Also, being a high priced and thinly traded issue, on many occasions its initial and exaggerated moves in both directions in pre-market trading were often not replicated when the real liquidity came in at 9:30 a.m. EST.
In a volatile session, it blasted to a new all-time high ($438.99) off the open and then went into a freefall before finding support just above Monday's low ($435.86), only reaching $426.27. Since making that low, it has rebounded all the way back to near the highs for the session.
Nic Chahine Joins The Show
Midway through the broadcast, Nic Chahine, the author of Create Income With Options Spreads was our guest. He discussed his overall market short and long-term approach to the markets through option trading.
At 8:35 a.m. EST on Wednesday show, Mike Olson, Managing Director and Senior Research Analyst at Piper-Sandler will break down Apple's earnings report along with other issues in his area of coverage.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.