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 21, 2020
STOCKS: NVDA, AMD, ROKU, GE, BA
MACRO – SPY
Michael Kramer owns SPY Calls
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S&P 500 (SPY)
Stocks are down a bit today, with markets falling globally, with mild losses. The S&P 500 Futures are down about 45 basis points and are trading around 3,354. For now, they are trading right around the uptrend, and we need that trendline to hold.
It is Friday, and it is never an easy day to call because one would think nobody wants to go long the weekend in this uncertain environment, but then again last week stocks finished higher despite the three day weekend.
Nvidia is dropping this morning some more. Meanwhile, the next level of support continues to remain around $293.
GE is very close to a support level at $12.35 and should the shares fall below that level the shares could drop to rouhgly $11.90.
AMD is down some today and is still heading lower towards $54.60.
Roku is still trending lower, and now $123.50 is the level on watch with a drop below $123, sending the stock to $116.
Boeing has struggled recently, and now the stock is very close to breaking down with a drop below $336, pushing shares back to $317.50.
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