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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June 25, 2020
STOCKS – BA, WFC, AMZN, DIS
MACRO – SPY,
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S&P 500 (SPY)
S&P 500 futures have been bouncing around, falling sharply, rising sharply, and falling sharply. But the only thing that may matter is that the futures failed again when they reach resistance at 3,050. The piece of good news is that 3,000 held. However, I get the feeling based on how the futures have been trading and failing at 3,050; we may revisit 3000, potentially even later today.
Boeing was downgraded today by Berenberg to a Sell from Hold with a $150 price target. The stock’s next significant level to watch is $166, and then $158.
As I noted yesterday in a FREE story, Amazon is its highest price to sales ratio in years, and it seems like the stock is now forming a bearish reversal pattern, a rising wedge, with the potential to fall back to $2100. Free story – Amazon’s Bull Run May Be Near Its End
Disney is moving lower as the company is thinking about the delay the opening of its new move Mulan, and its Disneyland reopening. A decline below $109, pushes shares lower towards $99.
Wells Fargo (WFC)
Wells Fargo is sinking again, and drop below $26 sets up a more significant drop to around $24.
Have a great day!
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