Stocks Are Pointing To A Lower Opening on March 3
The stock market is pointing to a lower opening on March 3, as volatility will attempt to subside after a week of wild trading.

Stocks Are Pointing To A Lower Opening on March 3

March 3, 2020

Stocks: NFLX, V, DIS, TSLA, AMD

Macro: SPY

MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN TSLA, V, DIS, NFLX

Join me and the members of Reading The Markets on March 5 at 9 PM ET for an exclusive webinar. It is live, and I will be reviewing as much I can about the current state of the market, and will have a live Q&A session. But you have to sign-up to get on the webcast. Premium content – The Revenge Of The Bears Webinar March 5, 9 PM ET

The S&P futures have been bouncing around in a pretty wide range once again. The S&P 500 is currently around that zone of resistance around 3,090 to 3,110. The futures traded as low as 3,047 at one point so that volatility remains. I would expect that this region around 3090 to 3110 to offers a healthy level of resistance for the market.

Logically it would seem to make sense to see the markets trade lower today towards 3,040, but then again, these are not logical times.

The one uncertainity is the commentary that will come out of that G7 conference call. 

S&P 500 futures

Tesla (TSLA)

Tesla saw a significant upgrade today from JMP, with the analysts boosting its rating to outperform from market perform. Meanwhile, the price target went to $1,060. The stock is now trading above resistance at $761, with the next significant level to watch coming around $815. 

tesla, tsla

AMD (AMD)

AMD was upgraded this morning to overweight from neutral at Piper Sandler with its price target going to $56 from $45. The stock is moving above $49.50 with room to run to around $51. 

amd

Visa (V)

Visa lowered its growth outlook by 3% at the mid-point; analysts had been looking for growth of about 10% to $6.05 billion. The lowered forecast suggests revenue of approximately $5.9 billion versus estimates of $6.05 billion, a difference of about $160 million. Make sense that the stocks market cap has fallen from $472 billion to $426 billion, after yesterday’s rally. 

visa v

Netflix (NFLX)

Netflix has been trading in a range of $365 to $385, and I think not much as changed here as the stock continues to point towards prices around $405.

netflix, nflx

Disney (DIS) 

Finally, Disney’s price target has been slashed to $155 from $180 at Wells Fargo but keeps the stock at Overweight. I guess the saying all gaps must be filled applies to Disney too. It took nearly a year, but the gap is filled. Now, let’s hope it fills the gap back to $140 in a faster manner.

disnet,dis

Well, good luck today, don’t forget to bring your helmet.

-Mike

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