Stocks Are Pointing To Lower Opening on November 11

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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November 11

Stock mentions: MU, QCOM, BABA, CSCO

Macro mentions: SPY, HK

MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN CSCO

US Markets

  • S&P 500 Futures -12 Points
  • US 10-Year – Bond Market Closed
  • Dollar Index 98.26
  • Oil $56.36
  • VIX 13.29

International Markets

  • KOSPI -0.61%
  • Nikkei -0.26%
  • China -1.83%
  • HK -2.62%
  • UK -1.28%
  • DAX -0.53%

Stocks are falling here in the US, but given the move lower in some international markets, the declines don’t seem all that bad. Stocks in HK and China tumbled as tensions increased in HK after two protestors were injured.

HSI

S&P 500 (SPY)

With the S&P 500 futures are pointing to a lower opening, we can look for support in the index at 3067. Based on prior days trading, pullbacks to this point have been bought.

S&P 500, spx

Micron (MU)

Micron is falling today after Mizuho lowered its price target to $50 from $53. The stock has been struggling of late, and support for the stock comes around $45.50.

mu, micron

Cisco (CSCO)

Cisco is trading lower this morning after Piper downgraded the equity to neutral from overweight and cut its price target to $51 from $55. The stock should find a layer of technical support around $47.90.

cisco, csco

Qualcomm (QCOM)

Qualcomm is also trading lower today after Morgan Stanley downgraded the stock to Equal Weight. The stock has had a huge move higher in recent sessions, and will likely find support around $88.30. However, it isn’t likely to be that bad today.

qualcomm, qcom

Alibaba (BABA)

Alibaba is seeing record sales for its singles day event. Still, the stock is not moving higher. There is a gap that needs to be filled at $184.

alibaba, baba

Have a good one

-Mike

Mott Capital Management, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Past performance is not indicative of future results.

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