July 31, FOMC Rate Cut Day – Stock mentions: AAPL, AMD, GE, GOOGL, TSLA
Michael Kramer and the clients of Mott Capital own AAPL, GOOGL, TSLA
- S&P 500 Futures +4 points
- Oil $58.37
- VIX 13.93
- US 10-year 2.05%
- Dollar Index 98.11
- Shanghai -0.67%
- Hong Kong -1.31%
- Nikkei -0.86%
- KOSPI -0.69%
- DAX +0.24%
- FTSE -0.60%
China reported its manufacturing PMI of 49.7 versus estimates of 49.6
This morning we will also get the ADP private payroll report. Estimates are for 155,000.
Meanwhile, Chicago PMI comes out too.
FOMC Rate Cut Day
It is FOMC rate cut day and that means the stock market will be confused and trade in a non-sensical way after the announcement. Be prepared for wild swings.
Let the bond and currency market be your guide and not the stock market.
S&P 500 (SPY)
The S&P 500 continues to trend nicely higher, which would continue to suggest the index is heading towards 3,055. I would expect that trading is muted today ahead of the FOMC meeting at 2 PM. Premium content: Why July 31 May Be The Most Important Day Of The Year
Apple is breaking out today after delivering better than expected results and guidance. $217.40 is resistance for now, as I have noted several times. The stock is hovering right around those levels this morning. The next level to look for after this resistance level is around $223. Premium content: Apple Powers Higher On Service And Wearable Sales
AMD is falling after results. I have not had a chance to look at this report very carefully yet. The support level at $32.30 appears to be holding for now. $31.40 is the next level down.
GE is trading higher after it reported better than expected results. The stock is breaking out rising above resistance at $10.60. Now the next significant level to look for is around $12.30.
Alphabet has been drifting lower the last few days after hitting resistance at $1,270. The uptrend is still intact, but it seems possible that the stock continues to drift lower towards $1175 as the gap continues to fill from the stocks big move higher.
Tesla continues to work towards filling the gap at $253.
Enjoy a fun-filled day of excitement
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