Hey Trader, Today, we have another round of trading news and information from our top analysts here at Traders Agency. And of course, our Trade of the Day. |
Stocks: Stocks are getting sold today, led by the technology sector. Bonds: Bonds are getting bought to counter the stock selloff, including for muni bonds. Commodities: Energy, metals and agricultural goods are largely up on demand outpacing supplies. Digital Currencies: Digital currencies are trading down for the day, tracking the tech stock selloff and potentially setting up further trading opportunities. Data Check: The CPI reading for tomorrow is the big data point for the market. To keep me up on what you’re thinking or what you want to see us cover – you can always email me directly at neilgeorge@tradersagency.com. Now, on to our Trade of the Day… |
Nuveen Municipal Credit Income Fund News is a big driver for select stocks, and today is no exception… US stocks are trading down led by technology gloom spreading throughout the sector despite the legislation signed today that supports chip makers and foundries in the US. And with the selloff, traders are looking for what to buy today. So, today, I’ve got an idea that is being driven by the tech stock selloff as well as other news pegs… The stock is a closed-end municipal bond fund – The Nuveen Municipal Credit Income Fund (NZF). Specific bond sectors are getting bought to counter softer stocks, and tax-free muni bonds are getting the added news benefit of the building tax and budget surpluses, which are making muni bonds all the more valuable. In addition, there is the news of the discount to net asset value of the bond fund by over 6% making for a big bargain. And this comes on top of the budget surplus news. With a taxable equivalent yield running near 8%, this is a stock to buy that is backed by muni bonds. And that makes the Nuveen Municipal Credit Income Fund a great Trade of the Day.
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Nuveen Municipal Credit Income Fund Price -- Source: TradingView |
With the current price at $13.55, NZF is a buy under $13.72 with a near-term target of $14.77 and even more beyond that. And for safety, consider a stop at $11.83. Now, on to the best of Traders Agency… |
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Charles Schwab Stock Just Confirmed a Channel Breakout The Charles Schwab Corporation (SCHW) has just confirmed a channel structure breakout, and the retest held up nicely. Now, that certainly doesn’t guarantee anything, but it’s sure a good sign for the stock price. Price action has settled above the black descending channel structure and the 50-day simple moving average (SMA). We’re now looking for price action to test the 200-day SMA in the coming weeks. Here’s how it could play out… |
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Thank you for reading Beyond The Trade! Look for much, much more every day the markets are open. You’ll get further updates on all that is going on to make your job as a trader all the more profitable and better informed. I’ll also continue to provide updates on the stock ideas I bring to you in Beyond The Trade. To provide feedback, suggestions and questions, feel free to email me directly at neilgeorge@tradersagency.com. Your friends, Beyond The Trade |
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