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Stock Opinions by Steve Grasso

SELL ON STRENGTH
The current low-rate environment helps megacap tech like Netflix. He's lukewarm on the name though. It could trade down 10% which would be a great buy, not now. He'd sell it now, in fact. The stock is up only 9% but is overbought.
Unknown
COMMENT
Markets shrugged off today's disappointing jobs numbers The market is digesting today's numbers without getting shocked. Bad economic news is good news for the marketplace. It's healthy today that the market was not shocked. Maybe we're still in a sweet spot, but he's less optimistic and feels September will see a 5-7% pullback. Overall, stay the course in the market. Investors are getting complacent. Weaker job numbers increases the odds of more government stimulus. Also, bond yields rose today, which makes stocks a tiny bit less attractive. He's a little skeptical about fall seasonality.
Unknown
BUY
It hasn't performed, but he's still in this. It's number one in iGaming and has a crypto wallet.
Technology
COMMENT
As a barometer of the Russell smallcap index He's too deep in value which had a nice bounce, but investors then reversed that trend to go back into growth. IWM has been in a trading range, sideways, but it touched the 200-day moving average and did not break down, so it means it is building strength. Interest rates need to rise for IWM and the Russell 2000 to break out.
investment companies / funds
COMMENT
Today's employment numbers showed August gains much lower than expected. On Sept. 6, the family stimulus money ends and this will greatly effect job creation numbers and will lead to the Fed tapering and a higher US dollar. Then, the multination companies will have a tougher time. If so, yields will rise and there will be a hard rotation into value out of growth/tech. In turn, the S&P will take a hit.
Unknown
BUY
They just reported. He's long Chewy. People won't stop feeding their pets post-Covid. Chewy will break above $100 again, sooner than later.
Consumer Products
STRONG BUY
He's still long Apple and had been targeting $175 but now he sees it passing $200. Health, the wallet and now satellites, not just the phone are their businesses. All promising.
electrical / electronic
RISKY BUY
It's a tremendous buying opportunity. The price to get back to is $206, implying a 20% bounce, but the chart can still be in a downward trend. Anything can happen tomorrow with a new headline out of China, so be quick mindful that you're risking a lot to the downside.
0
COMMENT
The S&P has been on a juggernaut rally, hitting 48 record highs this year so far and has doubled from the pandemic low of March 23, 2020. Are nervous this could end? Nervous about this market? A trader always is. But with any pandemic pullbacks we saw, the market then moves higher. A big reason is that Jay Powell is in the market's corner by keeping interest rates very low. The market may pull back 5-10% in the future, but it will quickly bounce back because those rates are low. This makes risk-on trading nowadays either value, growth or both.
Unknown
STRONG BUY
Breaking news: Judge rules that Google infringed on patents and sides with Sonos He's owned this starting at $14 a long time ago. He still owns this, so today was an exciting day, more so than any earnings report. There were five patents namedm in the lawsuit, but there were 150 allegedly in the infringement. He expects Google to settle instead of taking this suit to a federal court, which will result in, say, a 20-year licensing fee with Sonos. This will boost Sonos' bottom line and this will demand a total re-rating of this stock. This is a huge win for Sonos.
communications / media
BUY
People bought pets during the pandemic and they need to continue to feed those pets. With more pet owners, sales and revenues for CHWY will keep increasing. He continues to be long this.
Consumer Products
COMMENT
The U.S. 10-year yield keeps falling Financial will go higher, tech goes lower, if rates keep falling. If rates fall to 1%, then all bets are off -- sell the ENTIRE market.
Unknown
WEAK BUY

JPMorgan just downgraded it 60% of Masco's sales come from plumbing, so how big can DIY demand be? It's only up 6% YTD. He likes it, but sees better upside elsewhere like Whirlpool.

contractors
DON'T BUY

Hit new highs today. Up 20% this year so far. The digital media business grows like gangbusters. But since last September, the stock has sold off by 10-15% rough 6-8 occasions. This is overbought at a 79 RSI. This stock could drop 15-20%. If you're long term, wait for a better entry.

computer software / processing
BUY
Gambling stocks plunged today Gambling stocks like this are due for a bounce as the world reopens and there's more sports betting to come.
0
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