Stocks Are Rising on February 3, But Rallies Are Not To Be Trust Yet

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!

Subscribe to the Monster Stock Market Commentary and join the 2,365 subscribers getting it for FREE every day!

FEBRUARY 3, 2020

STOCKS: NFLX, TSLA, AMZN, BABA, ROKU

MACRO: SPY, EWY, EWH, FXI

MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN NFLX AND TSLA IN THE THEMATIC GROWTH PORTFOLIO

ISM MANUFACTURING REPORT AT 10 AM ET

China (FXI)

As we expected, China was down sharply, falling by as much as 9% to the start day, and managing to finish the day by around 8%.

cHINA,

South Korea (EWY)

The one positive was that the Kospi managed to finish the day flat, despite a steep decline at the open.

kospi

Hong Kong (EWH)

Meanwhile, Hong Kong managed to finish the day higher. 

hang seng, hsi

S&P 500 (SPY)

Stocks are pointing to a higher opening follow a rough trading session on Friday and a sharp move lower in Shanghai. But despit’e the snapback on Monday, rallies are not to be trusted this moment. For the most part, it is because levels of resistance for the S&P 500 come at higher levels up at the trend line, around 3,275 on the S&P 500 futures, and due to the market nature to fill the gap, and use any strength for selling, until we can see the trend line retaken with a level of certainty.  Premium content – The Week Ahead – Corona, Economics, And Earnings In Focus

S&P 500, spx

Roku (ROKU) 

Roku is rising some today, but resistance for the stock will come around $127 to $128. The trend is still lower.

roku

Tesla (TSLA)

Tesla has been consolidating below resistance at $662, and a break out sends the stock higher towards $750.

tesla, tsla

Alibaba (BABA)

Alibaba is rising some today, but resistance for the stock comes around $211.

baba, alibaba

Amazon (AMZN)

Amazon is rising today and remember that resistance remains around 2,060.

amazon, amzn

Netflix (NFLX)

Netflix is rising some with its next level of resistance at $362.

netflix, nflx

Good luck today!

-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.  

 

[mailpoet_subscribers_count]
2,365
[mailpoet_subscribers_count]
2,365
%d bloggers like this: