FEBRUARY 19, 2020 

STOCKS – AMZN, AMD, SPCE, JD, XOM

MACRO – SPY, OIL

MICHAEL KRAMER OWNS SPY CALLS

Premium Stock Write-up from February 19, 2020

• More Betting Intel’s Advance Continues
• Uber’s Stock May Still Further To Rise

S&P 500 (SPY)

Stocks jumped by around 50 basis points with the S&P 500 closing at 3,386. We hit a little bit of resistance at 3,393 today. Anyway, we couldn’t punch through, which is fine. It isn’t a race, and the market rising at a measured pace is undoubtedly better than a freight train, although there are a few of those running around.

The next level I’m looking for here on the S&P 500 comes around 3,430. The RSI still looks healthy around 65. Additionally, the advance/decline line also looks healthy. So overall, the trend remains we have been saying, higher. 

My longer-term target remains at 3,600. I will explain it all in a FREE webinar hosted by Interactive Brokers on February 27 at Noon ET. You can sign up here

Oil 

I noted on the audio morning commentary, that Oil broke resistance at $52, and that $54.30 is the next level to look for there. Again, the RSI is trending nicely higher there.  premium content – Morning Commentary – Looking For Higher Price

Amazon (AMZN)

Amazon had a nice day despite failing to get over resistance at $2,184. I don’t know why I didn’t see this earlier, but it looks like a nice cup and handle pattern may have formed there, that’s bullish. So perhaps it was just a one day stall.

AMD (AMD)

AMD hit $59, crazy. To think we first talked about this level weeks ago. Anyway, I don’t know how much higher it can go. I wrote about AMD yesterday. It is now the most expensive stock in the top 25 holds of the SMH. I have seen bearish betting in recent days, and the stock is at resistance. Lets stick with the view shares go back to $53.

JD.com (JD)

JD.com has a great looking chart, and it looks like it getting ready for a move up to $45.30. The RSI is pointing in the right direction too.

Exxon Mobil (XOM)

I talked about Exxon today at midday. Oil prices are rising; maybe even Exxon can bounce, hey anything is possible. If it should jump $63.40 is the next level to watch. The good news is that support at been relatively firm.    Stocks Continue To Drive Higher

Virgin Galatic (SPCE)

Virgin Galatic, I don’t know what’s going on here, it’s insane. According to what I read in the SEC filing, there are only 31 million shares available to trade? And it traded 100 million shares yesterday another 80 million today! I don’t know that is insane. 

Good Luck tomorrow

-mike