Bring Back The Bull As Stocks Reach New Highs On November 7
The stock market is ready to reach a new high on November 7 as the bulls wake up and are ready to run again.

Bring Back The Bull As Stocks Reach New Highs On November 7

November 7

Stock mentions: ROKU, FCX, SWKS, NVDA, NFLX
Macro mentions: SPY

MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN SWKS, NFLX

US Markets

  • S&P 500 futures +10.75 points
  • US 10-Year 1.88%
  • Oil $57.11
  • VIX 12.58
  • Dollar Index 97.93

International Markets

  • Nikkei +0.11%
  • KOSPI +0.01%
  • Shanghai –
  • HSI +0.57%
  • DAX +0.73%
  • FTSE +0.35%

MACRO

S&P 500 futures are rising on hopes that the trade war may de-escalate further, as both sides have “agreed” to start canceling tariffs in phases. As I noted last night, it seems that the idea that the market may pull back is fading and that a continued march higher may continue. The futures are now trading above their previous highs, and that would suggest that 3084 may act as support.  I’m not perfect.

S&P futures

Freeport (FCX)

Keep an eye on Freeport today; the stock is getting closer to a break out at $11. Should that happen, $11.50 seems possible.

freeport, fcx

Skyworks (SWKS)

Skyworks is approaching resistance at $100. Should the stock break out, it could rise to around $111.

swks, skyworks

Nvidia (NVDA)

Nvidia is still on pace to get to $217.

nvidia, nvda

Netflix (NFLX)

Netflix is holding support at $285, and as long as that continues shares continue to push towards $300.

Netflix, nflx

Roku (ROKU)

Roku, what can I say, if you’re lucky it holds support around $122. If not, what can I say? $100.

roku, roku

-Mike

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