Home ยป Stock’s Bounce Back On December 4, With More Gains On The Way

Stock's Bounce Back On December 4, With More Gain On The Way

Stock’s Bounce Back On December 4, With More Gains On The Way

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DECEMBER 4, 2019

STOCKS: MA, MO, NVDA, LLY, QCOM

MACRO: SPY

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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.ย 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.ย 

S&P 500, spx

Nvidia (NVDA)ย 

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.

nvidia, nvda

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.

eli lilly, lly

Qualcomm (QCOM)

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.

Altria (MO)

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.

mo, altira

Mastercard (MA)

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.

mastercard

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