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Chris La - Wednesday, March 20, 2024
Today's Hottest Trade (Includes Reddit IPO)
On Monday, Reuters reported that Reddit's (RDDT) initial public offering is a bottlenecked four and five times oversubscribed. This suggests a solid $6.5 billion valuation at the open. Buyer interest for RDDT rises today when the firm prices its IPO in the target range of $31 to $34.
In the Far East, watch iShares MCSI Japan ETF (EWJ). The ETF trades at close to its 52-week high. The Bank of Japan announced it would end its quantitative easing and negative interest rate policy. This is historic. It sets the stage for all central banks around the world to do the same.
Investors seeking emerging market stocks should watch MCSI Brazil ETF (EWZ), India ETF (INDA), and the broader iShares MCSI Emerging Market ETF (MSCI)
The era of low interest rates is definitively over. Neither the stock market nor the economy needs aggressive stimulus packages.
The $418 million realtor settlement, which the National Association of Realtors must pay, is a drag on the sector. Redfin (RDFN), which lost 21% in the last week and Opendoor (OPEN) are the real estate service firms to avoid.
Turning to the real-world economy, watch for Albemarle (ALB), a lithium miner, to break out of its $120 - $125 trading range. Its peers include Lithium Americas (LAC), which is trading in an uptrend, and SQM.
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