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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JANUARY 28, 2020
STOCKS: AMD, AMZN, TWTR, AAPL
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MACRO: SPY, EWY,
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Don’t forget FOMC meeting starts today!
S&P 500 (SPY)
Stocks are rebounding today, with the S&P 500 futures rising above 3,255, and an increase above 3,264 set into a motion a potentially sharp move higher back towards 3,296. Cash market has different levels, remember.
The good news is that Japan was only down modestly last night, 55 bps. Also, the Kospi, although down 3%, held a critical level of support around 2,170.
Europe is higher as well by 20 to 40 bps across the board.
AMD will report results after the close, and the set up appears to be bullish. I will be posting an update on this later this morning, in the premium areas on StockTwits and SA Marketplace I still think this one is moving higher, based on some recent activity.
Amazon is moving higher today after Wedbush noted the company should deliver strong top-line results, while Credit Suisse expects AWS to continue to ramp up sales. If the stock could ever clear $1900, it could move up to $1966. My Forbes article – Amazon’s Stock May Jump Following Quarterly Results Despite Rising Costs
I also wrote up an article on Twitter last night for Forbes, noting the stock was likely to fall to under $30 following results based on some bearish options betting. Twitter’s Stock May Plunge By 9% Following Quarterly Results