MARCH 2, 2020
STOCKS: AAPL, MA, TWTR, AMD, BABA
MACRO: SPY, EWG
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN AAPL, MA
Join me and the members of Reading The Markets on March 5 at 9 PM ET for an exclusive webinar. It is live, and I will be reviewing as much I can about the current state of the market, and will have a live Q&A session. But you have to sign-up to get on the webcast. Premium content – The Revenge Of The Bears Webinar March 5, 9 PM ET
Wild Session Ahead
It looks like it may be a wild trading session today, with futures and foreign markets swinging from losses to gains, back to losses.
It isn’t normal to see the S&P 500 futures swing by 4% from lows to highs. It is beyond crazy, it is insane, and it would suggest that the session ahead here in the US will likely be equally mad. Premium content – The Only Thing That Matters For The Week Of March 2
The German DAX gapped higher at the opening, only to get it to give it all back.
S&P 500 (SPY)
History has taught us that if the S&P 500 market gaps higher at the open, the same future awaits, with a drop to follow filling the gap. So make sure you are extra careful today.
Again, the only thing I will be watching for today is that the S&P 500 doesn’t take out Friday’s lows of 2,855. As long as we do not breach that level, I don’t care what happens today. – Premium content – Bottom Or Not The Coincidence Seems To Be More Than Chance
Apple is rising after Oppenheimer raised its rating to Outperform from Perform and assigned a $320 price target. For now, the stock is hitting up against resistance at $285.
Alibaba jumped higher this morning, but for the moment is failing to get over resistance around $211.
Mastercard fell by as much 20% from peak to trough, but it has now broken that nasty downtrend. And for now, resistance comes around $305.
Twitter is rising today after Elliott Management took a sizeable stake in the company and is looking to remove Jack Dorsey. The stock has increased to resistance near $36.50.
Finally, AMD is rising back to that all-important region around $46.80. It had been a strong region of support before the sharp pullback. Now it is likely to act as a strong region of resistance, with the potential to rise to around $48.50.
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