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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August 12 – stock mentions: SPY, ROKU, BAC, C, JPM
- S&P 500 Futures -19
- 10-Year Treasury 1.69%
- VIX 19.62
- Oil $54.10
- Dollar Index 97.52
- Shanghai +1.45%
- HSI -0.44%
- KOSPI +0.23%
- Nikkei +0.44%
- DAX -0.24%
- UK FTSE -0.43%
Premium article: Your Equity Market Survival Guide For The Week Of August 12
Stocks are pointing to a lower open, with the S&P 500 dropping by around 19 points. Blame it on China trade worries I guess, at least that is what I am reading everywhere. I always find it interest though when the market of the country in questions rises rather substantially on the same day. China Shanghai was up around 1.5% last night.
Hong Kong (HSI)
Even Hong Kong was down just 0.45% overnight.
S&P 500 (SPY)
So from the standpoint of the market being down on trade worries, it seems something is amiss with US markets falling this morning. Sure they are down, but why are they down is the questions you should be asking and for how long shall they be down?
Support for the S&P 500 is around 2890 at the gap fill from mid-last week.
Roku is rising sharply this morning after Needham raised its price target on the stock to $150 from $120. Based on the technical at this point, it is tough to tell just how far the stock may rise at this point.
Bank of America (BAC)
The bank stocks are lower this morning as the yields fall. Bank of America is down about 1% this morning, and as I noted over the week the stock is likely heading towards $25.75. Big Bets Bank Of America’s Stock Plunges
JPMorgan broke its uptrend from December and is now sitting above support around $106.50. The stock could be on its way to around $102.
Citigroup is also breaking down today as well and appears it may be on its way to around $61.
Enjoy your Monday!
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