Cabrera Capital Daily Game Plan

Friday February 12, 2021                                                        Trading
Desk: (312) 236-8907

TODAY’S GAME PLAN:  from
the trading desk, this is not research

DATA/HEADLINES  
10:00ET  Consumer Sentiment preliminary / Treasury Secretary Yellen will join Jerome Powell at a virtual meeting of G-7 finance ministers and central bank governors today.

Trump's impeachment defense is expected to take three or four hours today and the trial may be done tomorrow, his lawyer said.

TODAY’S HIGHLIGHTS:  

• Russia says it is ready to cut EU ties if hit with sanctions
• 3.2 Billion usernames, passwords and email addresses from various sources were published on the dark web by an unknown entity
  
• President Biden announced that he secured deals for more than 100 million additional doses of vaccines each from Pfizer and Moderna and deliveries would
  accelerate
• Biden to meet with governors and mayors to push his COVID relief plan

The global stock rally stalled in subdued trading at the end of a week that notched new records, as markets pause with a lack of fresh catalysts.
Even as vaccines are distributed to millions, the emergence of new virus variants threaten to extend lockdowns and delay economic recoveries. The UK dodged a double-dip recession with a fourth-quarter expansion of 1% and Norway's economy grew 1.9%, beating
expectations. But UK industrial production rose a slower-than-expected 0.2% in December and manufacturing also fell short. Investors poured a record amount of money into equity funds, especially technology stocks, prompting strategists at Bank of America to
warn that the exuberance may precede a correction. BofA’s gauge of market sentiment, the Bull & Bear indicator, is approaching levels of extreme bullishness, which can trigger a sell signal that has not been set off since January 2018, according to BofA strategists. 
 

EQUITIES: 
 

US equity futures are pointing to a slightly negative open, after the S&P 500 and the Nasdaq closed at a record high Thursday. Investors are
struggling to find catalysts to push markets higher ahead of the long weekend. US-based stock funds attracted $22.9 billion in the latest week, the largest weekly inflow since March 2008, according to Lipper data. On the stimulus front, House committees approved
family credits, $1,400 direct checks, $15 billion in airline payroll aid and about $66 billion for testing and vaccination.

E-mini S&P futures -0.2%, Nasdaq -0.1%, Russell 2000 futures -0.2%, Dow futures -0.1%.

Small caps have been largely the outperformer with IWM surging 140% from the March lows, and at highest level above its 200 day moving average
ever.

Hyliion surged 31.7% yesterday after announcing the introduction of its next generation battery module which integrates Toshiba’s LTO cells with
Hyliion’s technology advancements to achieve longer battery life, higher charging rates and improved safety. Shares are down 7% pre-market.

European stocks edged lower, with travel and mining shares dropping the most. European equities recovered losses after a choppy first few hours
of trade as media, tech, and healthcare advanced. ING Groep NV jumped 5% after the largest Dutch bank reported better-than-expected fourth-quarter earnings. Among other stocks, Boliden AB gained 5.4% after the mining group reported quarterly earnings ahead
of forecasts. The UK economy grew at double the pace expected in the fourth quarter adding some weight to the Bank of England’s view that a successful vaccine rollout and a surge in household savings during lockdowns could power a sharp recovery in 2021. Stoxx
600 +0.05%, CAC +0.2%, FTSE 100 +0.17%, DAX -0.45%

Asian stocks declined as several markets in the region were closed ahead of the Lunar New Year holiday. Japan's Topix index closed 0.1% higher
and the Nikkei 225 fell 0.15%, snapping a four-day rally after returning from holiday. Japanese equities received their biggest weekly foreign inflows in 12 weeks, boosted by upbeat earnings. Australian shares ended 0.6% lower, hurt by losses in gold and energy
stocks as prices of the underlying commodities declined, ahead of crucial earnings due next week.

FIXED INCOME: 
                                       

Treasuries are slightly weaker across the curve even as equity index futures edge lower. Treasuries price action was muted during the Asia session
on low volumes due to Lunar New Year holidays. Soft demand at an auction of $27 billion of new 30-year Treasuries on Thursday rattled bond investors.

METALS: 

Gold slipped 0.5% as the dollar rebounded and exchange-traded funds cut holdings of gold for a fifth straight day. Gold is still heading for
its first weekly advance in three on bets that President Biden’s push for a Covid relief plan will spur higher consumer prices. The pace of inflation over a 10-year horizon implied by the bond market is near the highest since 2014, supporting demand for gold
as an inflation hedge. Silver is up 0.3%. April gold is holding initial short term key Fibonacci retracement level (.618).

ENERGY:  

Oil prices dropped for a second day, pulling further back from a one-year high after OPEC again lowered its demand forecast and the International
Energy Agency said the market was still over-supplied. Both benchmarks closed on Wednesday at their highest levels in over a year after a nearly record-setting run of consecutive daily gains. Bank of America said that oil demand could rise at its fastest pace
since the 1970s over the next three years.

CURRENCIES:  

The pound fell for a second day as the US dollar advanced against all of its major peers as investors looked past data that showed the UK economy
grew more than expected in the fourth quarter. The tensions between the UK and the EU over Northern Ireland post-Brexit outlook continues to be a headwind for cable. The dollar index rose 0.25% after finding some footing, lifting to a three day high, but was
still on course for a weekly decline.

TECHNICAL LEVELS: 
(futures)    

Colors within the report:
Green
is always the 200 period (day, week). Red is always 21,
Blue = 50,
Brown =
100  *Stars have added importance

Equity movers in early trading, as of 7:35am ET:

Advancers

• INO +26.2% (+$3.40); Inovio Wins Bull as Oppenheimer Touts Differentiated Vaccine
• XERS +25.6% (+$1.70); Xeris Pharma Surges After Europe Approval for Hypoglycemia Drug
• HUBS +20.9% (+$90.1); HubSpot Raised to Buy at Mizuho Securities
• FSR +16.3% (+$2.51); QuantumScape and Fisker Rally After Morgan Stanley Bull Call
• CMLF +16.2% (+$3.61)
• WNW +15.5% (+$2.47); Wunong Net Tech Soars in Postmarket Trading
• NSTB +13.4% (+$1.42); Blank-Check Firm Northern Star Jumps Amid Report on Apex Deal
• CCIV +13.1% (+$4.12); Klein’s Churchill Said to Raise $1.68 Billion in Two New SPACs
• NK +11.4% (+$2.97); NantKwest Soars on FDA Approval to Expand Vaccine Testing
• RTP +9.8% (+$1.33); Reinvent Technology Jumps on Report of Joby Deal
• QS +9.5% (+$4.25); QuantumScape Rated New Overweight at Morgan Stanley; PT $70
• EXPC +9.1% (+$1.58)
• CPSH +9% (+$1.89)
• CERC +8.5% (+$0.31)
• AGTC +8.3% (+$0.49)
• YI +8.2% (+$1.94)
• HAAC +8.2% (+$1.07)
• RIOT +8.2% (+$3.53); Riot Blockchain Implied Volatility Surges as Shares Rise 18%
• CAN +7.3% (+$0.78)
• VITL +7.3% (+$1.86); Amazon Confirms 4.1% Passive Stake in Vital Farms at Yr-End
• FUSE +6.6% (+$0.81); MoneyLion to Become Publicly Traded Via SPAC Deal: M&A Snapshot

Decliners

• UGRO -76.6% (-$36.0); Urban-gro Announces Pricing of $54 Million Public Offering and Nasdaq Listing
• CLGN -27.2% (-$6.60); Collplant Biotechnologies Offering of 2m ADS Prices
• FOLD -23.1% (-$4.33); Amicus: AT-GAA Missed Superiority Endpoint in Combined Study
• LLNW -22.1% (-$1.01); Limelight Networks Falls in Premarket After Sales Miss Estimates
• PLX -16.9% (-$0.98); Protalix Offering of 7.61m Shares Prices at $4.60/Share
• BRQS -16.1% (-$0.47); Borqs Technologies Rises 72%: Chinese U.S. Listings
• CARG -8.6% (-$2.98); CarGurus Cut to Neutral at DA Davidson; PT $33
• CRVS -8.4% (-$0.33); Corvus Pharmaceuticals Offers Shares
• SQZ -8% (-$1.76); SQZ Biotechnologies Offering of 3m Shares Prices at $20/Share
• PHUN -7.8% (-$0.22); Meme Stock Phunware Falls After Offering Shares
• SOS -7.8% (-$0.49); SOS Prices $110m Registered Direct Offering
• OCGN -7.7% (-$0.85)
• ZNTE -7.6% (-$1.05)
• SPCE -7.3% (-$4.33); Virgin Galactic falls as test flight scrapped
• AFRM -7.1% (-$9.99); Affirm Holdings Sees 3Q Revenue $185M to $195M, Est. $189.0M
• MVIS -7.1% (-$1.30)
• CDAK -7% (-$1.73); Codiak Biosciences Offering of 2.75m Shares Prices at $21/Share

David Wienke

Cabrera Capital Markets, LLC