Stocks – BYND, TSLA, NFLX, AMZN, TSM, AAPL

Macro – SPY

JPMorgan reports better than expected results – Shares Up

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 (TSLA) 

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 (NFLX) 

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 (AMZN)

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.

Apple (AAPL) 

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

-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.