$Apple (AAPL.US)$ Prepare to hit a new high 🚀

$Palantir (PLTR.US)$ Let's go next week!

After a strong rally on Tuesday, stocks tiptoed higher on Wednesday. So with just one trading day to go this week, let's look at a few top stock trades for Thursday.
Top stock trades for today No. 1: Peloton
Check out this super interesting chart of $Peloton Interactive (PTON.US)$. On the top, we have the daily chart, and on the bottom, we have the weekly. The weekly chart shows Peloton working on its seventh-weekly decline in the last eight weeks. However, it also shows that shares are trading near a key level from 2020, near $37. When we look up at the daily chart, there's a massive gap-down from the $85.75 level, which kicked off this painful downtrend. Amid that downtrend, the 21-day moving average has been stiff resistance.
However, notice the bullish divergence on the RSI reading for the daily chart. Combined with the $37 level, things are potentially looking interesting here.
I would love some kind of break of $37 or gap below this level and then a reclaim of $37. Sort of like the trade with $Canopy Growth (CGC.US)$, which worked out incredibly well.
Top stock trades for today No. 2: Procter & Gamble
Like Canopy Growth, $Procter & Gamble (PG.US)$ was one of my go-to trades this week. While Canopy was a slick reversal setup, P&G was a buy-the-dip opportunity.
The first opportunity came on a dip to the 8- and 10-day moving averages on Monday morning. That trade led to a nice rally on the session and now puts more potential upside in play. Specifically, I'm looking at $160-plus to put the highs in play near $161.75. Above that, and the 161.8% extension is on the table near $162.50.
Top stock trades for today No. 3: BlackBerry
$BlackBerry (BB.US)$ could have really used a strong post-earnings move on Wednesday. Instead, it's a dud. Shares are rallying off the lows, which is a positive, but continue to struggle with the short-term moving averages and the $9.50 zone.
On the plus side, a push through $9.60 could quickly put $10 in play, followed by the 50-day and 200-day moving averages. Above that could open the door to $12, but let's not get too ahead of ourselves quite yet.
On the downside, however, a break of this month's low could put $8 back in play.
Top trades for today No. 4: CarMax
$CarMax (KMX.US)$ stock opened higher yesterday, but finished the day down about 7%. It's what I call a bearish engulfing candle, as the stock completely "engulfs" the prior day's range with a move lower.
Shares are slicing right through the 200-day moving average in the process. For now, it's finding some support at the 10-month moving average, but I wouldn't go all-in on it holding.
I'd rather see a larger dip down to the $122 area or a rebound back up through the 200-day. If it's the latter, let's see if CarMax stock can rally back up to the 10-day moving average, then the $140 level.
Below $120, and $113 may be next.
Source: InvestorPlace

Weekly market recap
S&P 500 futures were higher even after a losing week on Wall Street as investors ditched equities amid concerns over the new omicron Covid variant and the Federal Reserve's move to tighten policy.
Nasdaq stock futures were the underperformer on Sunday following a big drop in bitcoin over the weekend and as investors continued to rethink owning tech stocks with high valuations.
Futures contracts tied to the $Dow Jones Industrial Average (.DJI.US)$ gained 163 points, or 0.5%. $S&P 500 Index (.SPX.US)$ futures were 0.35% higher. $NASDAQ 100 Index (.NDX.US)$ futures hovered around the flatline.
Here's a look at the return of S&P 500 sectors
This week ahead in focus
Meme stock darling GameStop headlines next week's earnings report lineup. The videogame retailer reports results after the market closes on Wednesday. AutoZone, Casey's General Stores, and Toll Brothers report earnings on Tuesday, followed by Brown-Forman and Campbell Soup on Wednesday. Broadcom, Costco Wholesale, and Hormel Foods round things out on Thursday.
On Monday, Union Pacific will hold a conference call to discuss its climate action plan. McKesson and Southwest Airlines host their 2021 investor days on Wednesday, followed by CVS Health and Tyson Foods on Thursday.
The Federal Reserve's report on consumer credit data for October will be released on Tuesday. On Thursday, the U.S. Labor Department reports initial jobless claims for the week ending on Dec. 4.
The Bureau of Labor Statistics releases the consumer price index for November on Friday. The consensus estimate is for a 6.7% year-over-year jump, half a percentage point more than in October. The core CPI, which excludes volatile food and energy prices, is expected to rise 4.8% versus 4.6% previously.
Monday 12/6
$Union Pacific (UNP.US)$ holds a conference call to discuss its climate action plan.
Tuesday 12/7
$AutoZone (AZO.US)$ , $Caseys General Stores (CASY.US)$, and $Toll Brothers (TOL.US)$ announce quarterly results.
The Federal Reserve reports on consumer credit data for October. After falling slightly last year, total outstanding consumer debt has risen an average of $20 billion a month through September, and stands at a record $4.37 trillion.
Wednesday 12/8
The BLS releases the Job Openings and Labor Turnover Survey. Economists forecast 10.5 million job openings on the last business day of October, only 600,000 less than the record high of 11.1 million in July.
$Brown-Forman-A (BF.A.US)$, $Campbell Soup (CPB.US)$, and $GameStop (GME.US)$ report earnings.
$McKesson (MCK.US)$ and $Southwest Airlines (LUV.US)$ host their 2021 investor days.
$Edwards Lifesciences (EW.US)$ holds an investor conference in Irvine, Calif. The company will discuss its product pipeline as well as its financial outlook for 2022.
The Bank of Canada announces its monetary-policy decision. The central bank is expected to keep its key short-term interest rate unchanged at 0.25%. At its late-October meeting, the bank ended its quantitative-easing program and signaled that its first interest-rate hike would be earlier in 2022 than had been expected.
Thursday 12/9
$Broadcom (AVGO.US)$, $Costco (COST.US)$, and $Hormel Foods (HRL.US)$ hold conference calls to discuss quarterly results.
$CVS Health (CVS.US)$ and $Tyson Foods (TSN.US)$ host their annual investor days.
The Department of Labor reports initial jobless claims for the week ending on Dec. 4. Jobless claims averaged 238,750 in November, the lowest since the beginning of the pandemic, and just 24,750 more than in February of 2020.
Friday 12/10
$Archer Daniels Midland (ADM.US)$ holds its global investor day.
$Centene (CNC.US)$ holds an investor meeting and will provide financial guidance for 2022.
The Bureau of Labor Statistics releases the consumer price index for November. Consensus estimate is for a 6.7% year-over-year jump, half a percentage point more than in October. The core CPI, which excludes volatile food and energy prices, is expected to rise 4.8% versus 4.6% previously. October's 6.2% increase was the hottest the CPI has run in more than 30 years, and this past week Federal Reserve Chairman Jerome Powell finally ditched "transitory" when discussing inflation before the Senate Banking Committee.
The University of Michigan releases its Consumer Sentiment index for December. Economists forecast a 66 reading, slightly less than the November data.
Source: CNBC, Dow Jones Newswires, jhinvestments