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Septemeber 5 – Stock mentions: SPY, EWJ, CSCO, AAPL, AMZN, TWTR, MU
Michael Kramer and the clients of Mott Capital own AAPL and CSCO
- S&P 500 Futures +25 points
- US 10-Year 1.52%
- VIX 16.5
- Dollar Index 98.20
- Oil $56.25
- Nikkei +2.12%
- Shanghai +0.94%
- HSI -0.03%
- KOSPI +0.82%
- UK -0.60%
- DAX +0.80%
Markets are rising on the hopes of a thawing trade war between the US and China as both sides agree to meet in October. The result is a strong rally overnight in the Asian markets, which continued to strengthen following yesterday’s breakouts. Premium content: The Break Outs Heard ‘Round The World
The Nikkei joined the party, as it rose above its August highs overnight.
Also, keep an eye on the German 10-Year, which is now approaching a resistance level at -0.60%. As global risks continue to look a little less scary, we could see the further unwind of the risk aversion trade.
S&P 500 Futures (SPY)
The S&P 500 futures cleared resistance at 2936 and rose directly to 2962.
S&P 500 Cash (SPY)
The next significant level for the S&P 500 comes around the 2975 mark, and then back at 3,000.
Apple is rising this morning above resistance at $209.50 and appears it is also ready to take out its August highs of roughly $215. It sets up a potential move higher towards $218.
Amazon is moving over $1800, and it is getting ready to challenge its Augst highs of approximately $1830. If that happens, it moves on to $1900.
Micron is rising today and is inching closer to its next level of resistance at $48.75.
Cisco appears to have broken a downtrend, setting up a push back to $49.30.
Twitter is still on the rise, and the path to $46 is now working.
Enjoy the day.
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