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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January 7, 2020
Stocks: WDC, MU, SQ, TWTR, BYND
Macro – SPY
S&P 500 (SPY)
Stocks were unimpressed by the better than expected ISM non-manufacturing reading of 55. It was only mildly better than estimates for 54.5. Meanwhile, the report revealed some weakness in the employment component, which has me feeling a touch nervous, heading into the job report on Friday. Still, growth seems to be fine, with the ISM reading corresponding to growth of 2.2% for the fourth quarter. A weak unemployment print could be the most significant risk to the equity market at this point. Premium content – The Biggest Risk To The Equity Market Comes This Week
It seems like at this moment, the S&P 500 is just marking time waiting to make its next move.
Western Digital (WDC)
Well, the options traders did it again, with Western Digital having a huge day, rising by over 7% following that upgrade this morning. The next level of resistance comes around $75.65. – Western Digital Is Nearing A Significant Break-Out
The options traders had a good day with Square, too, making them 2 for two on the day. The stock popped above the downtrend, and so did the RSI. I think that sets up a move to $67.35. Premium content – Square May Rise On Bullish Betting
The options guys were even betting on Micron late last week too. Man, how do they do it? Make them 3 for 3. An increase above $58.65 sends the stock to $61.40. – Micron’s Stock May Soar On Optimistic Outlook
I mentioned Twitter today in the mid-day updates, and based on the setup, the stock looks like it may be about to go higher. Premium content – Stocks Stuck In The Mud
Beyond Meat (BYND)
Beyond Meat finally popped, and now it may on its way to $100 and eventually fill that gap.
Have a good night