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.
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Under Armour, Bitcoin, AMD, Biogen, Gilead, Pfizer – Monster Commentary
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S&P 500
The S&P 500 had a relatively uneventful day, with the index finishing the day down less than 20 bps. But the thing to take note of is how the index has now failed right at 2,805 three times. Big deal? Likely not, and I would suspect we blow through that resistance tomorrow. The downside now is around 2,790, and with the start of significant earnings next week, I get the sense investor want go long into some of these upcoming results.
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AMD
The AMD seller appears to have gone up to the $12.50 level now; they must have caught word of our commentary yesterday, that is a joke. But anyway the chart continues to tell the story, and for now, AMD shares seem to want to go higher. Maybe the seller should try the $12.75 level tomorrow. (meant to be funny, laugh!)
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Biogen
Biogen shares continue to trend nicely higher, with the next big test for the stock looming around $355. That is where gap from years ago is entirely closed, and a rise above $355 likely sends Biogen’s stock on to all-time highs. Also, we can see the stock has some room to rise before the relative strength index (RSI) gets to overbought levels.
Gilead
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Gilead shares have had a massive breakout and could be on their way back to $92. If Gilead and Biogen get moving, the rest of the sector follows.
Pfizer
Have you seen Pfizer lately? The stock looks like it ready to breakout in a big way.
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Under Armour
Under Armour looks terrible here, with a clear breakdown and a stock price that appears ready to fall to $11.55.
Even fundamentally Under Armour is grossly overvalued. Shares trade at nearly 42 times 2019 earnings estimates of $0.32. Compare that to Nike’s 24 times, and Lulu’s 25 times.
UAA PE Ratio (Forward 1y) data by YCharts
Even on an EV/EBITDA ratio, Under Armour is first now on par with Nike, and is still well north of Lulu. It comes down to simple common sense, does Under Amour deserve to trade at premium or on par with Nike? Not a chance.
UAA EV to EBITDA (Forward) data by YCharts
Bitcoin
This chart of Bitcoin tells it all. The crypto-currency broke support around 11,800 and then it failed to rise through when it acted as resistance. See ya at 7,700.
That’s it!
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Tags: #sp500 #bitcoin #amd #biogen #gilead #under #armour #nike #lululemon