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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DECEMBER 4, 2019
STOCKS: MA, MO, NVDA, LLY, QCOM
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MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN MA
Stocks had a good day, bouncing back some from yesterday’s down day. The ISM non-manufacturing index came in lower than expected 53.9 versus estimates for 54.5, and down from last months 54.7. It corresponds to a GDP growth rate of about 1.9%, which is mostly in line with what we have seen from other data points recently. So it seems at this late point of the year, the recession or even near-zero growth is not on the horizon.
S&P 500 (SPY)
The S&P 500 did manage to close above 3,110, and I view that as a definite positive. I think it sets us up for a potential move a bit higher to the trend line up at 3,140 tomorrow.
Nvidia failed at resistance at $212, and the RSI continues its trend lower. I think that it means the stock is going to head back to $198.
Eli Lilly (LLY)
Eli Lilly is very close to breaking out should it rise above resistance at $119. The RSI is trending higher, and it looks healthy, suggests the stock could go to $123.
Qualcomm tried to get back over resistance today at $82 but was not able too. Not a great sign for the stock. I still think there is a good chance shares fall to roughly $76.50.
Here’s a new one Altria, the stock appears it has broken free of a falling wedge and is challenging resistance at $51 and potentially on its way to $58.
Mastercard’s RSI is changing trend as well, and perhaps that means the stock is setting up to take out its all-time highs before year-end. That would be nice for me since it has become my largest holding. One can only hope.
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