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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Stock mentions: BABA, JD, CSCO, ROKU
MACRO: ECONOMICS, SPY
- S&P 500 Futures +12 points
- US 10-Year 1.7%
- VIX 12.93
- Oil $54.37
- Dollar Index 97.31
- Nikkei -0.33%
- HSI +0.72%
- KOSPI +0.80%
- Shanghai +0.99%
- DAX +0.34%
- FTSE +0.33%
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- China -Caixin PMI 51.7 vs. est. 51.0
- US Job report +128k vs. est. of 90k
- Wage Growth +3.0% vs. est. of +3.0%
- ISM PMI 10 AM – est. 49.3
S&P 500 (SPY)
The S&P 500 is pointing to a slightly higher opening, and the trend continues to be higher for the index. But the big news will center around the job report.
Alibaba is rising in the pre-market after reporting better than expected results. The stock is challenging resistance today at $180, and if it can clear that level of resistance it can rise to around $188. I noted some bullish betting and the positive setup going into results in this free story on October 30. Alibaba’s Quarterly Results May Send The Stock Soaring
JD.com is once again challenging resistance at $31.50. This price has been a wall for JD since March. How many more times can this price be testing without a break out finally occurring? Maybe it finally happens, and the stock finally pushes towards $34.80.
Cisco is falling after ANET reported dissappointing results. I think the stock is fine around $46.50.
We can continue to watch Roku and see how it behaves around the $150 level. I still think it is more likely the stock heads lower.
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.