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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July 16, 2020
STOCKS – JD, BIDU, SQ, QCOM
MACRO – QQQ, FXI
I wrote this on my iPhone sorry for typos etc…
Mike Reading The Markets Premium Content – $35/Month or $300/Year
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- Gap Higher, Then Fill? – Morning Commentary
- NASDAQ IS RIPE FOR A SIZEABLE DROP – WEEK AHEAD
- JPM May Jump As Much As 10% Followings Its Quarterly Results
The NASDAQ (QQQ)
Stocks are moving lower today after Shanghai fell about 4% overnight. That is weighing ADR’s of Chinese internet stocks, and having an adverse reaction on the NASDAQ Composite. The QQQs are trading lower today by about 1.4%. We are still well above the lows of Tuesday morning, but we may be heading back to the level. Again, I have been in the camp that the NASDAQ will continue lower, heading towards the bottom of the trading channel.
The Shanghai composite fell sharply and probably isn’t falling yet, with the potential to fill a gap around 3,144. The decline came despite the country reported better than expected second-quarter GDP growth.
JD.com is one of the stocks falling this morning, but more important is that the stock is breaking its uptrend. It could result in the stock falling back to $49.
Meanwhile, Baidu is falling this morning with a chance to decline to around $111 in the coming weeks.
Qualcomm has struggled around this $92.50 price level, and I think it is heading lower towards $88.40.
Square is resting on an uptrend, and break of that trend sends the stock lower to around $100. Here is a free story – Square’s Stock May Be Ready To Pop
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