September 6- Stock mentions: SPY, NFLX, LULU, UBER, SNAP
Michael Kramer and the clients of Mott Capital own NFLX
- US Markets
- S&P 500 Futures +10.50 points
- 10-Year Yield 1.6%
- Dollar Index 98.50
- Oil $55.20
- VIX 15.8
- Japan Nikkei +0.54%
- Hong Kong HSI +0.66%
- China Shanghai +0.46%
- South Korea KOSPI +0.22%
- Germany DAX +0.4%
- UK FTSE -0.07%
It will be a busy day believe it or not, with the BLS Jobs report and then a speech by FOMC Chair Powell at 12:30 PM.
The BLS report seemed like a non-event with job creation of 130,000 versus estimates of 160,000. Meanwhile, the unemployment report of 3.7% as expected. Wage growth was fine at 3.2%. I don’t see any issues here that will derail the market.
Markets overseas continue to rise and have been consolidating sideways at the moment. It should help to push markets like in South Korea higher next week.
S&P 500 Futures
A similar type of pattern has been created in the S&P 500 Futures. It too is a continuation pattern that would indicate that the market rises and push towards 3,000 and the uptrend. Premium content: The Trend For Stocks Has Turn Higher
Lululemon reported better than expected results, and the stock has received several upgrades. The stock is rising above resistance $195 on September 6. This region should help to act as support going forward.
At least for the moment, Netflix is rising above the upper end of the falling wedge. Does that mean a break out can happen? Perhaps. I’d feel a lot more optimistic if the stock can get over $300.
I think Uber may finally be oversold, with the chance for the stock to rebound to around $35.85.
Snap looks like it getting ready to make a run higher too, perhaps to $18.50.
Have a great one!
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