IBM Warning Shakes Tech, SK Hynix Bounces Back, Investors Cheer CPI Data
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Earthquakes and positives this morning. In today's Game Plan, Chief Market Strategist Gareth Soloway breaks down IBM's warning shaking the data-center trade, SK Hynix bouncing back to lift the memory chips, and a rock-star CPI print that has investors cheering. Plus the S&P's make-or-break zone, the bank earnings, gold, silver, oil, and a Bitcoin breakout on watch.
📊 COVERED IN THIS EPISODE:
🔴 IBM - Warned it will miss earnings as data-center customers shifted spending to memory chips; a ~25% peak-to-trough drop into major trendline support at $218 (from the 2023 pivot lows). Gareth sees a likely bounce back above $230; a break of $218 opens ~$200
🔵 CPI - A much-better-than-expected headline print; September Fed rate-hike odds dropped from priced-in to wishy-washy, fueling the rally
🔵 S&P 500 - Popped on CPI then cut gains in half; still in no-man's-land between support ~7,325 and resistance ~7,725
🔴 US Dollar (DXY) - A beautiful drop on the CPI news but still stuck in resistance; a weak dollar is generally a tailwind for multinational profits
🔵 10-Year Yield - Pulling back to ~4.56% after surging to ~4.64%; support trendline at 4.36%. Lower rates helped fuel the bid
🟢 SK Hynix / Micron (MU) / SanDisk (SNDK) - The memory names bounce hard after getting crushed: MU ~$926 to ~$988, SNDK ~$1,650 to ~$1,790 - the most volatile sector in the market
🔵 Goldman Sachs (GS) - Up on blowout earnings (huge IPO fees, incl. SpaceX); watch a possible head-and-shoulders if the rally can't take out the recent high
🔴 JP Morgan (JPM) - Great earnings but at all-time highs with a bearish topping tail still intact; trading down
🟢 Bank of America (BAC) - A textbook inverse head-and-shoulders playing out post-earnings; calculated target as high as $64-$65
🔵 Citigroup (C) / Wells Fargo (WFC) - Citi down, watching a key trendline; Wells the laggard of the group
🔵 Gold - A big reversal bounce off $4,000; the tell is the close - a strong finish in the top 75% of the candle (~$4,100) keeps upside alive, a close below ~$4,120 would be a warning
🔴 Silver - Bouncing but still below resistance in bearish consolidation; Gareth stays negative until it clears
🟢 Crude Oil - The gap fill sent it to the $79 target (hit); next resistance ~$84 on continued Strait of Hormuz escalation. Gareth was long, now out, eyeing a short higher
🔵 Natural Gas - Hovering on technical support, not doing much
🟢 Bitcoin (BTC) - Surging on CPI; a daily close above $64,000 sets it free for a run higher
🔑 KEY TAKEAWAY: A rare split-screen morning - IBM's warning hammered the data-center names while a rock-star CPI print and an SK Hynix bounce lifted the memory chips and the broader market. Gareth sees an IBM bounce off $218, stays constructive on the banks' inverse-H&S setups (BAC), and is watching oil into $84 and Bitcoin's $64K breakout, with PPI and ASML earnings on deck tomorrow.
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💬 Comment: does the memory bounce hold, or is the data-center warning the bigger tell?
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⚠️ IMPORTANT DISCLAIMER: This video is for educational and informational purposes only and is NOT financial, investment, tax, or legal advice. Gareth Soloway and Verified Investing are not registered investment advisors. All trading involves substantial risk of loss; consult a qualified financial professional before investing. Past performance is not indicative of future results.
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