Stocks Pointing To Lower Opening on December 17, Looking For Gap Fill

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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DECEMBER 17, 2019

STOCKS: AAPL, ROKU, BABA, JD, FCX

MACRO: SPY

MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN AAPL

US Markets

  • S&P 500 Futures -4 points
  • 10-Year Treasury 1.86%
  • Dollar Index 97.05
  • Oil $60.28
  • VIX 12.27

International Markets

  • Japan +0.47%
  • HK +1.22%
  • Shanghai +1.27%
  • KOSPI +1.27%
  • Germany -0.92%
  • FTSE -0.17%

S&P 500 (SPY) 

Stocks in Asia were stronger overnight, while Europe is mostly lower. The S&P 500 futures are pointing to a minor decline at the opening, about ten basis points. Nothing much has changed overnight from a technical standpoint. There is a gap that needs to be filled at 3,170. Resistance for the market continues to be around 3,200 with room up to 3,212.

S&P 500, spx

Roku (ROKU) 

Roku is falling today after the company announced its CFO was leaving. The stock has been using the downtrend as a source of support in recent weeks. But the trend seems lower, and that means the shares may fall to $122. 

roku, roku

Alibaba (BABA) 

Alibaba has risen to around $209 and is nearing resistance at $211. The chart also may be forming a rising wedge, a bearish reversal pattern. For now, $201 is support.

Alibaba, baba

JD.COM (JD)

JD.com is at resistance at $34.80. A break out sends the stock higher towards $37.20.

jd.com, jd

Apple (AAPL) 

Apple’s price target was lifted to $325 at Cowen $290. If the stock is looking to advance to the upper end of the previous trading channel, then the stock appears to be going to $291. 

AAPL, aaple

Freeport (FCX)

Freeport got an upgrade today at BMO to outperform from market perform with a $17 target up from $12.  $13.80 is the next level of resistance. 

Bullish Betting Suggest Micron Rises Following Results

-Mike

Mott Capital Management, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Past performance is not indicative of future results.    

 

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