December 8, 2019
Stocks: NFLX, TSLA, GILD, ILMN, REGN, SWKS
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN NFLX, TSLA, SWKS
Reading The Market Premium Content:
- The Week Ahead For 12.9.19 – Energy Stocks On Watch
- A Year-End Rally May Only Be Starting
- Stock Market Nearing Big Break Out
- Morning Commentary- 12.6.19 – Jobs Suggest Economy Reaccerlating
S&P 500 (SPY)
Stocks will try to pick up where they left off on Monday, following the strong jobs report. This week will feature CPI, PPI, the Fed, and the ECB. With that, the S&P 500 will try to advance to 3,200 its next level of significant resistance based on a projection of the current patterns.
Netflix is set up to rise into the final few weeks of the year after it emerged from a falling wedge pattern late last week. I first noted this technical setup in a mid-day commentary – Waiting On Jobs Data.
Again the pattern suggests the stock rises to around $320.
It is a little bit early, but we should see some “leaked” emails about how production and deliveries are going for the fourth quarter. Meanwhile, there is still a gap that needs to be filled up at $360. That is likely where the stock is heading over the final few weeks.
Gilead has been testing resistance around the $67.50 level. A rise above that price gets the stock moving to $72. The RSI is trending higher, and it suggests the stock moves higher.
Regeneron is another biotech stock that appears to be heading higher towards resistance at $392.
Illumina may also be heading higher, with that huge gap to fill up to resistance at $360.
Skyworks is breaking out rising above resistance at $100, and that could push shares higher towards $111.
Have a good week!
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