Stocks Are Trying To Rebound on February 10, Testing Resistance

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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FEBRUARY 10, 2020 – 7:30AM ET

Stocks – TSLA, SWKS, NVDA, ROKU, AMZN

Macro -SPY, EWJ

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

February 13, 2020, Live Streaming Event

Michael will be hosting a live streaming event for members of Reading The Markets  for Seeking Alpha and StockTwits on February 13 at 9 PM ET. It will focus on how he uses fundamentals, technicals, and options market analysis to find stocks on the move. As well as taking questions from members!

He will be reviewing mostly the basics of Technical Analysis and Option Trading

S&P 500 Futures 

Stocks are bouncing around this morning with futures moving between positive and negative. The S&P 500 futures fell to around 3,310 overnight but held that level and bounced higher back to 3,328. So we enter the morning with the futures down about 0.25 points with resistance around 3,336

S&P 500, spy

Japan/ South Korea
It follows an overnight session that saw markets like Japan and South Korea fall sharply to start the day, but found some stable levels of support and managed to finish the day well off the lows.

nikkei

Tesla (TSLA)

Tesla shares are rising sharply on news that the company restarted production at its Shanghai factory today. The next area of resistance at $845. 

tesla, tsla

Skyworks (SWKS)

Skyworks was initiated with overweight at Wells Fargo with a $142 price target. The stock has found a healthy level of support around $112.50 and should serve as a starting point for the stock to rebound to around $122.

skyworks, swks

Nvidia (NVDA)

RBC raised its price target on Nvidia today to $301 from $251 ahead of results later this week. The chart still looks strong, and I think a move higher towards $268 seems reasonable. 

nvda, nvidia

Amazon (AMZN) 

Amazon is rising some this morning and I think the stock is likely to retest resistance around 2,135. 

amazon, amzn

Roku (ROKU) 

RBC mainted its buy rating and $160 target on Roku heading into results. We will see later this week about that, there are still alot of negative forces at work in this stock. 

roku

-MIKE

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. 

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