News Details – Smallcapnetwork
Stocks Break Out - Where They're Headed - SPYR and PTOTF
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February 2, 2024

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PDT

A short week but the shorts are forced to cover the major averages again. Par for the course folks. Exactly as the guys over at Elite Opportunity Pro (EOP) predicted earlier in the week, stocks pulled Wednesday and now they're making new all-time highs. This comes with a beat of a weak jobs report. However, it just doesn't seem jobs numbers really matter anymore. And if you want my opinion, thousands and thousands of actual jobs have been replaced with people working from home and the popularity of 1099 contractors. It's just the new economy. Still, unemployment came in at 4.3% beating economists' estimates of 4.4%. However, both private and public non-farm payrolls came in light. This too can probably be attributed to automation and technology, another growing trend. Oil continues lower down around $47 per barrel - as they also called a week and a half ago, and biotech is up - something they also mentioned. As a matter of fact, they suggested short-term traders yesterday might want to have a look at LABU, a big biotech ETF traders like to trade. They put it out earlier in the morning yesterday around $43 and now it's at $47. Pretty good if you ask me. I hate to sound like a broken record, but if you're more serious than most about stocks, their service is an absolute must. Their target on the S&P 500 right now is 2,500, of which they say they'll assess that number when it gets there to determine where the markets should go from there. As for our smaller stocks here in the free newsletter, SPYR is behaving pretty well after we put out an alert on it early yesterday morning. The stock opened for trading around $.53, pulled back to about $.47 and is now hovering back in the $.53 range. When it comes to small penny stocks, volatility is usually the name of the game. Let's hope SPYR figures out a way to pick it up now and follow through. But, we do believe the company does have better days and more good fundamental developments ahead - as they look to position themselves in the eSports space. As for our bottom call in Patriot One (PTOTF) on Wednesday, it's hanging in there. I asked John Monroe from EOP on his thoughts on the stock's chart, he basically said it needs to hold $.52 - if it does that, it should still be in a position to rally. Let's hope both pan out from here. See ya'll Monday.