Home » 5 Stocks That May Drop During The May 17 Trading Session

5 Stocks That May Drop During The May 17 Trading Session

5 Stocks That May Drop During The May 17 Trading Session

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.

Otherwise, enjoy the column!

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May 17 – Stock mentions: Nvidia, Alibaba, JD, Square, and Qualcomm

US Trading

  • S&P 500 -13
  • 10-Year 2.38%
  • Dollar Index 97.89
  • VIX 16.25
  • Oil $63.44

International Trading

  • Nikkei +0.89%
  • HSI -1.16%
  • Shanghai -2.48%
  • KOSPI -0.58%
  • FTSE -0.28%
  • DAX -0.92%

Yuan

As I noted last night, the yuan was getting ready to take it next leg lower, and that is what has happened with yuan falling to 6.91.

yuan, china

Stock Market

S&P 500 (SPY)

Stocks are pointing to a lower opening continuing from yesterday late day pullback. I worry that the S&P 500 pulls back and retest the break out of the downtrend back down to 2,836. It wouldn’t be the worst case scenario as it would also provide the index an opportunity to retest a new uptrend.

S&P 500, spy

Nvidia (NVDA)

Nvidia is giving back all of it’s after hour gains last night after a less than stellar conference call noting it would not provide full-year guidance. Regardless, I continue to think this stock is heading to $150. (premium content: AMD May Finally Be Breaking Out)

Nvidia, nvda

Alibaba (BABA)

Alibaba is falling this morning on the weaker yuan, and as long as the currency continues to weaken this stock is likely to continue to drop.

alibaba, baba

JD.com (JD)

JD is in the same boat at Alibaba.

jd

Qualcomm (QCOM)

The bad news for Qualcomm today is that the stock is falling below support at $82, and it now puts the stock at risk of falling to $76.50.

qualcomm, qcom

Square (SQ)

Square is in danger of retesting the lows from earlier this week and dropping to $62.

square, sq, may 17

Best of luck on this last day of the week!

-Mike

Mott Capital Management, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Past performance is not indicative of future results.