Pinterest Inc (NYSE:PINS) is down 0.4% at $24.61 at last check, likely weighed down by the hotter-than-expected consumer price index (CPI) reading for January. The stock has pulled back from its Feb. 2, one-year high of $29.16, but has found a new floor at the $24 region. The good news is that this latest pullback has PINS trading near a trendline with historically bullish implications.

The trendline in question is PINS' 80-day moving average, which the stock is within one standard deviation from, at last check. Per Schaeffer's Senior Quantitative Analyst Rocky White's latest study, the equity saw two similar signals over the last three years, and was higher one month later each time, averaging a 12.5% gain. A comparable move would have the security filling its 7.8% bear gap in the last 30 days.

Short interest on Pinterest stock is up 8.8% over the last two reporting periods, and the 32.40 million shares sold short now make up 5.5% of PINS' available float. Should this pessimism start to unwind, shares could receive even more tailwinds.

At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity's 50-day put/call volume ratio sits higher than 86% of annual readings, suggesting puts have been getting picked up at a faster-than-usual clip. In simpler terms, Pinterest stock could also benefit from a sentiment shift among options traders.

It's also worth noting that options are attractively priced right now. This is per the stock's Schaeffer's Volatility Index (SVI) of 53% that ranks in the extremely low 5th percentile of its annual range. It's also worth pointing out that the equity ranks low on the Schaeffer's Volatility Scorecard (SVS), with a score of 0 out of 100. In other words, the security has consistently realized lower volatility than its options have priced in, making the stock a potential premium-selling candidate.

Occidental Petroleum Corp (NYSE:OXY) is buzzing this morning, after Goldman Sachs upgraded the oil company to "buy" from "neutral" with an $81 price target, calling the stock "underappreciated," after lagging behind its peers the past six months. At last glance, OXY was up 2.2% at $66.18. 

On the charts, the $60 level has provided a floor for pullbacks since the start of the year. A confluence of several long-term moving averages is lingering just above the shares, however, including their 140-day trendline. Year-to-date, the equity is up 5.2%. 

There's plenty of room for more analysts to shift optimistic, as 17 of the 28 in coverage carry a "hold" or worse rating on OXY. Meanwhile, short interest represents 5.4% of the stock's available float, or four days' worth of pent-up buying power. 

Now could be a good time to weigh in with options, as Occidental Petroleum stock sports affordable premium at the moment. This is per its Schaeffer's Volatility Index (SVI) of 44% that ranks in the 16th percentile of its annual range.

Investors are all over the hotter-than-expected inflation reading for January this morning. The consumer price index (CPI) rose 0.5% for the month, compared to analysts' estimates of a 0.4% rise, bringing the annual gain to 6.4%. This reading may dictate the Federal Reserve's next moves, as the central bank remains committed to the disinflation process. Stock futures are all over the place in response, with Dow Jones Industrial Average (DJIA) futures last seen slightly higher, while Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) futures are flat.

Continue reading for more on today's market, including:.

• Senior Vice President of Research Todd Salamone unpacks the SPX pullback.
• Biotech stock facing technical pressure.
• Plus, Coke's revenue win; and two of today's top analyst notes.

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw more than 1.1 million call contracts and 679,385 put contracts traded on Monday. The single-session equity put/call ratio fell to 0.60 and the 21-day moving average fell to 0.79.
2. Coca-Cola Co (NYSE:KO) is up 0.8% in premarket trading, after the company reported better-than-expected fourth-quarter revenue, while profits were in line with estimates. An upbeat annual profit forecast is giving shares a boost as well. KO has shed 8.1% in the last nine months.
3. Evercore ISI downgraded First Solar Inc (NASDAQ:FSLR) to "in line" from "outperform," with the analyst in question noting much of the upside the stock seems to be already priced in. FSLR is down 2% ahead of the open, but still maintains a whopping 141.3% year-over-year lead.
4. The shares of Palo Alto Networks Inc (NASDAQ:PANW) are up 1% before the bell, after Goldman Sachs initiated coverage on the cybersecurity company with a "buy" rating. The brokerage predicted upside of over 20%, and praised the company for being ahead of the competition in key areas. So far in 2023, PANW has already added 19.2%.

5. Today also brings the National Federation of Independent Business (NFIB) small-business index.

Asian, European Markets Mostly Higher

Asian stocks settled mostly higher on Tuesday, with the exception of Hong Kong’s Hang Seng, which finished with a 0.2% drop. Japan’s Nikkei added 0.6%, amid economic data showing its economy expanded 0.6% on an annual basis in the fourth quarter, which is lower than the expected 2%. Reuters also reported that Kazuo Ueda has been nominated as the new governor of the Bank of Japan (BoJ). China’s Shanghai Composite rose 0.3%, while the South Korean Kospi tacked on 0.5%.

European markets are higher midday, as investors await inflation data from several countries, including the U.S. London’s FTSE 100 is up 0.3%, after unemployment in the U.K. stayed at 3.7% in the quarter ending in December. The French CAC 40 and German DAX are both up 0.4%.

The S&P 500 and Nasdaq snapped back from last week's steep declines, while the Dow tacked on nearly 380 points. Wall Street awaits tomorrow's consumer price index (CPI) reading, which will influence the Federal Reserve's future interest rate moves. Earnings season is also winding down, and, barring recessions, has been the worst in more than 20 years.

Continue reading for more on today's market, including:

• Options traders love this auto stock.
• Don't sweat Moderna stock's recent pullback.
• Plus, pharma stock's record lows; Zillow's bull note; and the SPX's current predicament. 

5 Things to Know Today 

1. JPMorgan Chase has been tapped to help Ukraine's post-war rebuilding efforts. (CNBC)
2. According to Refinitiv Lipper data, investors are pulling out of U.S. equity funds in favor of bonds. (MarketWatch) 
3. Pharma stock hits record low after study update.
4. Why Evercore is bullish on Zillow stock.
5. The SPX isn't out of the woods just yet.

Oil Prices Close At 2-Week High

Oil futures rose Monday, with March-dated crude adding 42 cents, or 0.5%, to settle at $80.14 per barrel -- their highest level in more than two weeks. This pop comes as investors pondered Russia's plans to cut oil output, and await tomorrow's CPI reading.

Gold prices, meanwhile, closed at their lowest mark in more than five weeks, on fears that more interest rates are to come. April-dated gold shed $11, or 0.6%, to settle at $1,863.50 per ounce today.

The shares of Mirati Therapeutics Inc (NASDAQ:MRTX) have been pulling back on the charts this month, after running into the $55 level. Plus, the equity just came within one standard deviation of its 50-day moving average, which has had bearish implications in the past. 

According to data from Schaeffer's Senior Quantitative Analyst Rocky White, MRTX has seen six similar signals over the past three years. The stock was lower one month later half of the time, averaging an 8.5% loss. From its current perch at $48.54, a setback such as this would place Mirati Therapeutics stock just above the $44 level. 

It's also worth noting that though shorts have been covering their bets, with short interest down 10.3% over the past two-week reporting period, the stock has still moved lower on the charts. This indicates further technical weakness in the shares. 

A round of bear notes could provide further headwinds as well. Of the 16 analysts in coverage, eight carry a "buy" or better rating on MRTX, while the 12-month consensus price target of $70.88 is a hefty premium to current levels.