What a turbulent month March was! An Etch-a-Sketch of price action across the board throughout most; cumulating in quite a few impressive new “all time highs”. Is tech dead? Will Tesla continue its run? With many questions abound, we were happy to have had several media outlets call on TrendSpider ‘s Chief Market Analyst, Jake Wujastyk, to make sense of things. Here’s TrendSpider’s “March Media Roundup” for your review.
GameStop Stock Climbing Following Company’s Strategic Change – Cheddar News
Shares of GameStop are on the rise again after the company announced Chewy.com founder Ryan Cohen will lead a committee aimed at accelerating the company’s shift to e-commerce. Jake Wujastyk, Chief Market Analyst at TrendSpider, says this news could serve as more momentum to push GameStop’s stock even higher.
Jake Wujastyk, Chief Market Analyst at TrendSpider, catches up with the team at SafeDay Trade Podcast to share insight on how to trade the markets and the experiences which helped him achieve success.
“Evidence of this short squeeze can be shown by the fact that the price was able to drop just as quickly as it moved up, proving that the move was was likely due to artificial demand from short sellers having to buy the stock back once they received margin calls on their positions,”
4 Stock Market Predictors to Watch – U.S. News
Jake Wujastyk, chief market analyst at TrendSpider, says widely used indicators like moving averages become self-fulfilling prophesies. Those indicators don’t necessarily have much linkage to what is fundamentally going on with a stock, index or market. When a moving average breaks down, selling can beget selling.
“The last few weeks for the market have been fascinating,” said Jake Wujastyk, founding member and chief market analyst of TrendSpider. “It’s been a long time since we’ve had such a sell-off in growth stocks but the broader indexes haven’t been affected.”
“From a relative performance standpoint, ETH the second-biggest cryptocurrency is lagging Bitcoin up only 20% from it’s All-Time Highs vs Bitcoin 175%. In previous cycles, we have seen ETH catch up to BTC growth when BTC begins to correct because the profits taken from BTC are cycled into altcoins. Because ETH is one to two cycles back from BTC in its growth cycle it makes sense that return on the laggard would outperform the larger market cap of BTC from here.”
“The technology stocks are pretty beaten down and it’s not shocking to see those rebounding a little bit from their lows,”