This column is my opinion and expresses my views. Those views can change at a moments notice when the market changes. I am not right all the time and I do not expect to be. I disclose all my positions clearly listed on the page, and I do not trade my account on the stocks spoken of in this column unless fully disclosed. If that does not work for you stop reading and close the page. Do not bother me or harass me.
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December 7, 2019
Stocks: ROKU, NVDA, BAC, BABA, JD
MICHAEL KRAMER OWNS IWM JAN $166 CALL
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Stocks had a strong finish to the week, with all the major indexes moving sharply higher.
But the Russell maybe the index that has the most gain for the balance of the year. The index failed at resistance on Friday, around 1,638. However, I do expect the index to continue to climb and push towards 1,710.
Roku is one stock that didn’t act well to finish the week. The RSI is falling, volume levels are dropping, and momentum seems to be fading. Perhaps that means we head below $135.
Nvidia continues to act poorly, and the RSI is still declining. The stock failed at resistance at $212, and I think it is heading lower towards $198.
Bank of America (BAC)
Bank of America’s chart isn’t an easy one to read, but the RSI is now beginning to change trend and move lower. Meanwhile, the pattern seems bullish. I’m thinking that the stock may end up advancing to $34.50.
Alibaba fell nearly to the target I had noted last week at $188, to around $189. Now I think the stock is likely heading higher towards $210.
Meanwhile, JD.com continues to show signs of stock that is likely going higher as well towards $35.
Have a good one.
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