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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Stocks – BYND, TSLA, NFLX, AMZN, TSM, AAPL
Macro – SPY
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN NETFLIX, TSLA, AND AAPL
S&P 500 (SPY)
Stocks are pointing to a slightly lower opening with the futures down about 3.25 points. The S&P 500 had climbed to as high as 3,296 in the overnight session, only to fall sharply around the time the European markets opened, on no apparent news.
Beyond Meat (BYND)
Beyond Meat continues to surge higher, but it is at a significant level of resistance around $124. It could result in the stock falling back to $108.
Tesla is rising yet again and is now trading over $530 on a price target increase at Jefferies to $600 to $400. The stock managed to get through my next level of resistance at $527. At this moment in time, I don’t have a precise level of resistance.
Netflix is also trading higher this morning after Goldman raised its price target to $450 from $400. The stock is still struggling at a price of around $340, and that is because it is the last significant level of resistance before $360.
Amazon received some positive commentary from JPMorgan today, noting the potential for revenue upside in 2020 and calling the stock a best idea. They have an overweight rating and a $2,200 price target. The stock has consolidated nicely around the $1,900 level and is likely on its way to about $1,960.
Taiwan Semi (TSM)
Taiwan Semi will report results on Thursday, and the stock has been trending higher for months and appears to be stalling out at resistance around $60.75. However, it seems to be forming a rising triangle, and that would suggest that the stock rises to around $64.85.
Wedbush raised its price target on Apple to $400 today and noted the company could be worth $2 trillion. Additionally, they see upside to Apple’s December quarterly results and strong March guidance.
The stock is rising above the upper-end of its trading channel, and it could even be forming a rising wedge pattern indiciating a pullback to $291 is warranted.
Have a good day