October 29

Stock mentions: GOOGL, BYND, SHOP, AMD, NXPI

Macro mentions: SPY

MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN GOOGL AND NXPI

US Markets

• S&P 500 Futures -2.75 points
• US 10-Year 1.83%
• Dollar 97.84
• Oil $55.14
• VIX 13.42

International Markets

• Hong Kong -0.39%
• Shanghai -0.87%
• Nikkei +0.47%
• KOSPI -0.04%
• DAX -0.15%
• UK -0.74%

S&P 500 (SPY)

The S&P 500 futures are falling some this morning, and the good news is that the index is testing the break out from yesterday.  It is good that we get this test done as soon as possible. A successful retest will allow us to continue to move higher.  Support will come around 3028; resistance is now around 3,040.

Alphabet (GOOGL)

Alphabet is falling slightly, but the stock got a lot of positive comments from the sell-side overnight, and price target increases. I’d be surprised to see the stock trade down today. Again, the miss on earnings last night mainly came from loss in investments. Remember that do to a change in the tax codes, investment holdings are now marked up or down every quarter. So if you are investing in Google to be a hedge fund, then I can see why the stock is down, if not, then the sell-off doesn’t last. Resistance comes around $1,300, and support is $1225.

Beyond Meat (BYND)

Beyond is getting smashed today, with support around $78. The options traders nailed this one. It seems these options traders are right more often then they are wrong; they needed the stock to fall to around $86 to profit. I noted a lot of bearish option betting taking place in Beyond, last Thursday, in a premium story. Beyond Meat’s Plunge May Not Be Over

Shopify (SHOP)

Shopify is falling after posting a more significant loss than expected. The stock needs to hold support around $300 from a psychological level. $285 is support, while $315 is resistance.

AMD (AMD)

AMD will report later today, and for now, the chart looks as if the stock wants to push higher before those results to around $34.50. But the stock is getting overbought, and I don’t know what happens after results come out. I will be watching this one closely and providing an update during the day in the premium area.  I had thought that AMD was going to fall following results, but this stock is crazy, as we know. Here’s Why AMD May Drop By As Much As 12%\

NXP (NXPI)

NXPI is rising after posting better than expected results and inline guidance. The stock is bumping up against resistance around $115.50. A break above that price sends it back to $121.

Have a good one

-Mike