Stock mentions: GOOGL, DIS, JD, BABA, FB
Macro mentions: SPY, EEM
- S&P 500 Futures +0.50 points
- US 10-Year 1.95%
- Dollar Index 98.31
- VIX 12.88
- Oil $56.25
- Japan +0.26%
- China -0.49%
- HK -0.70%
- SK -0.33%
- DAX -0.17%
- UK -0.30%
S&P 500 (SPY)
Stocks are looking to open flat on November 8, but the futures are still holding an up channel that appears to be rather strong. Based on that channel, the futures could rise to around 3,120, not today, but over the next few days.
Emerging Markets (EEM)
Emerging market stocks may be getting ready for a big move higher based on some bullish options betting I have been seeing in recent days. I talk and where I think the ETF can go in this free article on Investing.com – Here’s Why Emerging Markets Stocks May Be Ready To Surge
Disney is rising after reporting better than expected results and strong ESPN+ subscriptions. Although the company has been quiet on how the new Disney+ pre-orders are going. For now, resistance comes at $141.65, with support at $139.
Alibaba is nearing another breakout should it rise above $188. It could set up an increase to $201.
JD.com finally saw that big break out at $31.50, and the push to $34.80 is on.
Alphabet is breaking out of a very long period of consolidation. The stock has done this on several occasions in the past. While it is never easy to project a stock’s future move higher, it seems possible that this stock could one day over the next several months rise to around $1,600. Here is an article I wrote for Forbes last night – it is free to read — Alphabet’s Stock Is Ready To Soar
Facebook has generally been trending higher, but shares have been well contained following results while failing at resistance, which had formerly been an uptrend. The stock, to no surprise –at least to me, is now heading lower again. I think $186.10 is still the target, maybe even $181.
Have a great Friday
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