Subscribe to receive this FREE daily commentary directly in your email
May 15, 2019 – Stock Mentions: Alibaba, Salesforce, FedEx, Bank of America, Home Depot
US Markets
- S&P 500 Future -8.25 points
- 10-Year yields 2.38%
- Oil $60.99
- VIX 18.34
- Dollar Index 97.52
International Markets
- Shanghai Composite +1.9%
- Hong Kong HSI +0.52%
- Japan Nikkei +0.58%
- South Korea KOSPI +0.53%
- UK FTSE -0.05%
- Germany DAX -0.53%
Premium Content – $25/Month going to $35 on June 1 for new members
- Stocks Rebound And More Detail On China Currency Weaken
- How China May Battle The Tariffs
- The Next Big Level To Watch For In The Market
- Square Is Now Breaking Down
International Stock Market
Shanghai
The good news is that Asia rallied last night and for the most part, the Shanghai Composite is showing signs of life climbing above resistance at 2,920. It does create the opportunity for a gap fill at 3065 over the coming days.
US Stock Market
S&P 500 (SPY)
The S&P 500 is pointing to a slightly lower opening on May 15, If the current indications hold it will result in 2,836 acting as resistance once again, with the index falling below it to start the day. This region continues to be a battleground for the market, and I would better about the current scenario if the index began moving up and away from this region. When we look at the range for the S&P 500, it continues to be 2,790 to 2,863.
Alibaba (BABA)
Alibaba is rising following better than expected results and in-line guidance. The stock is testing resistance for now at $183. That will be a crucial level for the stock, should it rise above that price it could be on its way to $188. However, with the current state of tensions and the weakening China yuan, I still think the risk is to the stock falling that seems unlikely. The stock is now falling in the premarket after rising sharply.
SalesForce (CRM)
The chart for Salesforce doesn’t look appealing at all to me. The stock seems to be on the cusp of a significant move lower. We can see there is a bearish divergence forming in the chart between the RSI trending lower and the stock heading sideways, and I do not like that set up one bit, $148 seems possible.
Bank of America (BAC)
Bank of America doesn’t look good either, and with yields now falling, the banks could be facing more losses. Bank of America could see a decline to around $26.60.
Unlock Deeper Insights with Exclusive Member-Only Video Content on The Market Chronicles YouTube Channel – Just $34.99/Month
[youtube-feed feed=7]Home Depot (HD)
Home Depot doesn’t look very good either. The stock broke a significant uptrend, and $193.50 is now resistance with the potential for the stock to fall back to $182.50.
FedEx (FDX)
FedEx stock is also showing signs of stress, with a potential decline to $166.
Until tonight, have a great day.
-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. may 15
Subscribe to receive this FREE daily commentary directly in your email
This report contains independent commentary to be used for informational and educational purposes only. Michael Kramer is a member and investment adviser representative with Mott Capital Management. Mr. Kramer is not affiliated with this company and does not serve on the board of any related company that issued this stock. All opinions and analyses presented by Michael Kramer in this analysis or market report are solely Michael Kramer’s views. Readers should not treat any opinion, viewpoint, or prediction expressed by Michael Kramer as a specific solicitation or recommendation to buy or sell a particular security or follow a particular strategy. Michael Kramer’s analyses are based upon information and independent research that he considers reliable, but neither Michael Kramer nor Mott Capital Management guarantees its completeness or accuracy, and it should not be relied upon as such. Michael Kramer is not under any obligation to update or correct any information presented in his analyses. Mr. Kramer’s statements, guidance, and opinions are subject to change without notice. Past performance is not indicative of future results. Neither Michael Kramer nor Mott Capital Management guarantees any specific outcome or profit. You should be aware of the real risk of loss in following any strategy or investment commentary presented in this analysis. Strategies or investments discussed may fluctuate in price or value. Investments or strategies mentioned in this analysis may not be suitable for you. This material does not consider your particular investment objectives, financial situation, or needs and is not intended as a recommendation appropriate for you. You must make an independent decision regarding investments or strategies in this analysis. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Before acting on information in this analysis, you should consider whether it is suitable for your circumstances and strongly consider seeking advice from your own financial or investment adviser to determine the suitability of any investment.