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DECEMBER 4, 2019
STOCKS: NVDA, ROKU, AMD, CRM
MACRO: SPY
US MARKETS
- S&P 500 Futures +13.50 points
- US 10-Year 1.75%
- VIX 15.10
- DOLLAR INDEX 97.66
- OIL $57.10
INTERNATIONAL MARKETS
- JAPAN -1.05%
- HK -1.25%
- SHANGHAI -0.23%
- SK -0.73%
- GERMANY +1.16%
- UK +0.06%
MACRO
Germany’s market is bouncing back today, rising by over 1% after their services PMI came in 51.7 versus estimates 51.3, and last month’s reading of 51.6.
But more importantly, the US markets are bouncing back this morning, with the S&P 500 futures pointing to a higher opening. The S&P 500 found meaningful support yesterday around 3,080 and based on the futures, the S&P 500 is ready to test resistance today at 3,110. Hmm.. sounds familiar?
Oh yeah, I said that last night, before knowing any of today’s headlines. So either I’m psychic, which I am most definitely not, or the market is just purely trading off technicals from an overbought region, which seems way more likely. Take all the headlines, and forget them; they are meaningless at this point.
What will matter today is the ISM services index at 10 AM. Pay close attention to the details. HERE MORE IN THE AUDIO COMMENTARY – MORNING COMMENTARY 12.4.19
STOCKS
Nvidia (NVDA)
Nvidia should be on watch today; the stock is bouncing back from yesterday’s sell-off. $212 has acted as a region of support and resistance. Now the stock will need to try to get back over $212, which may prove to be more challenging then it appears. Bearish momentum seems to be building as measured by the RSI.
ROKU (ROKU)
Roku is bouncing back some after Monday’s sharp decline. $150 is once again a region of resistance that needs to be on watch. If the stock gets over $150 and the stock will work to fill the gap up to $161.
AMD (AMD)
I will be watching $39.50 for AMD; it becomes a significant price point. It will likely signal if shares are heading back $40.50 or $37.20.
Salesforce (CRM)
Salesforce is falling after reporting results last night. Resistance comes at $161; the stock has been struggling at that price. Premium content – Why SalesForce May Drop Following Results
-Have a good one.
-Mike
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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.
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