Home » Stocks Are Pointing To Slightly Higher Opening, But Are Likely To Fall

Stocks Are Pointing To Slightly Higher Opening, But Are Likely To Fall
Stocks are pointing to a slightly higher opening, but it isn't likely to last, the index is tired, and the signs are showing.

Stocks Are Pointing To Slightly Higher Opening, But Are Likely To Fall

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.

Otherwise, enjoy the column!

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November 6

Stock mentions: TSM, BABA, ROKU, QCOM, SHOP

Macro mentions: SPY

US Markets

  • S&P 500 Futures +2.5 points
  • US 10-Year Yield 1.84%
  • Dollar Index 97.79
  • Oil $56.98
  • VIX 13.16

International Markets

  • Nikkei +0.22%
  • KOSPI +0.07%
  • HSI +0.02%
  • China -0.43%
  • DAX +0.14%
  • UK +0.08%

MACRO

Declines Ahead For SPX

S&P 500 Futures are trading just slightly higher, and the general mood of the market still feels tired to me. It would continue to suggest that the index declines to some degree, nothing dramatic, and likely short-term.  The first level of support comes at 3,065 and then 3,038.

S&P 500, spy

STOCKS

Taiwan Semi is Overbought

Taiwan Semi (TSM) appears to be utterly overbought at this level, and a decline to $52.20 seems possible.  The stock hit our target of $53.50 that I first laid out on October 11. Taiwan Semi May Have FurtherTo Surge

TSM,

Shopify Looks Ugly

Shopify (SHOP) looks very weak, and one needs to watch for support at $286.

shopify, shop

Roku is Broku

Roku (ROKU) will report results today after the close. People ask what I think; I don’t like it, I think it is overvalued and is widely believed to be something it isn’t. Some tend to think I don’t understand it. I do; trust me.  If you took the 10 minutes required to read the S-1 or 10K, you’d feel the same way. Their method to calculate ARPU would be the first warning sign. Good luck.  $122  or even lower seems possible.

roku

Qualcomm Reports Tonight Too

Qualcomm (QCOM) has been on fire, and $88 is the next level to watch.

qualcomm, qcom

Alibaba Breaking Out

Alibaba (BABA) is finally breaking out, and $188 seems very likely.

alibaba, baba

-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.