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Good Morning Today is December 14
- S&P 500 futures are pointing to a lower opening of 27 points as of 8:00 AM
- The US 10-year rate is at 2.89%
- Dollar Index is at 97.57
- WTI Crude Oil is $52.15
- Critical events for today: – Retail Sales +4.2%
Recap of International Trading:
- Japan was – 2.00%
- Hong Kong Hang Seng Index -1.62%
- China Shanghai Comp. -1.53%
- UK FTSE up -0.62%
- Dax -0.61
FED Rate Hike Watch:
According to the CME, there is now a 76% chance of a rate hike in December, that is down from 79% yesterday.
Currently, the market is pricing in a 39% chance there is no rate hike in 2019 and a 35% chance of just one rate hike.
Mind The Gap
The roller coaster ride continues. It doesn’t even matter what the reason is for the decline today to be truthful. There is a new excuse every day, today’s reason – slowing global growth. Whatever.
The S&P 500 is set to gap lower, and that means that there is a very good chance we see the gap filling Algo’s go into effect probably sometime around 11:30 am. That would be my guess as to when the market turns higher. Of course, this is no sure bet, but nothing is in life. Given how previous trading sessions have gone, it would not surprise me.
Technical support for the S&P 500 will somewhere between 2615 and 2630.
Costco (COST)
Costco will be down today after reporting mixed results after the close yesterday. Technical support for Costco is around $210.
Starbucks (SBUX)
Starbucks is falling after forecast slower same-store comps. Technical support is around $60.
Micron (MU)
Micron is also pointing to a lower opening. The stock is nearing a technical break down should it fall below $34. It could result in the stock hitting a new low around $32.
Nvidia (NVDA)
Nvidia is also looking to open lowering today, and its support level comes around $139.
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[youtube-feed feed=7]BANKS
The banks aren’t finished falling yet, and the BKX looks like it could drop to roughly to 85.30. Ouch.
Have a good one.
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
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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.