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 11, 2020
STOCKS: UBER, AMZN, FB, ROKU, INTC
MICHAEL KRAMER OWNS SPY CALLS
S&P 500 (SPY)
Stocks gapped higher, and for a change, they decided to fill the gap, probably because I thought they wouldn’t fill the gap, but they did. No sweat. The good news is that the trend in the S&P 500 remains higher and that 3,346 has not been tested yet. It means that 3,372, for now, is the short-term resistance level, with room up to 3,400 still in place. Today’s price action changed nothing for me, except giving us a sense of where some resistance may lie
So let’s talk about Roku. Today I saw some bullish betting that made me do a 180 and go from bearish to bullish, plus the stock broke a downtrend. So, yeah, I hate switching my view two days before earnings, but I can’t go against the trend and activity I’m seeing. You can read more in my premium area – Why My Bearish View On ROKU May Be Wrong And The Stock May Surge
Facebook fell today, as we noted the downgrade this morning, and it has now failed at resistance. Now $203 is the next level of support. Remember, I noted some bearish betting in this one late last week. Free story- Facebook Is Now An Aging Growth Story
Uber continues to look strong post earnings and has crossed $40.60, with the next resistance level around $42.50.
Amazon rose above 2,134 today, and now that level will become support, and sure enough, it held. I have been putting it off, but now I seriously have to sit down and figure out was this stock is going.
I noted some bullish betting in Intel today in this free article I wrote up; it seems like the same buyers I saw last week. If the stock can clear resistance at $69, it could push higher towards $71.40.
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