DECEMBER 8, 2020
STOCKS: BYND, MU, TSLA, NFLX
MACRO: SPY, OIL, USD/JPY
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN TSLA AND NFLX
Stocks, believe it or not, are pointing to a higher opening following last night’s deep plunge on the Airstrikes in Iraq. The futures are up this morning by around 8.5 points, which is surprising and, to some degree, and suggests just how strong the buying is in the market.
What last night did teach us about the market is where the strongest levels of technical support lie for the S&P 500, it comes around 3,180.
We can also see that oil prices are falling after spiking initially on the news. It almost appears that the price of oil is breaking its uptrend.
Additionally, the USD/JPY is also weakening and suggests that fears in the market are easing.
Tesla’s rally continues. Even I, one of the most bullish around on the stock, and believers, is stunned by the performance. At this point, based on my projections, the stock can still rise to around $505.
Netflix has more positive commentary today around subscribers, this time from Cowen. The stock didn’t perform well yesterday, despite positive analysis from two sell-side firms. It will be a big day for Netflix, as we need to see this stock get over resistance at $336; another failure will not be a good sign.
Micron is at resistance at $58.65, and a break out sends the stock higher towards $61.40.
Beyond Meat (BYND)
Beyond Meat is rising after Bernstein noted a deal with McDonald’s could make BYND worth $130. The stock is now in a gap-filling process to $100.
Have a good day!