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It’s Monday! February 11 😛
Michael Kramer and the clients of Mott Capital own Tesla, Mastercard, Netflix
US Markets
- S&P 500 Futures +7.5 points
- US 10-Year 2.65%
- Oil $52.20
- VIX 15.95
- Dollar Index 96.70
International Markets
- Japan Nikkei Closed
- Shanghai +1.36%
- Hong Kong Hang Seng +0.71%
- South Korea KOSPI +0.17%
- UK FTSE +0.4%
- German DAX +0.70%
- German 10-Year Bund 0.11%
- Japan 10-Year JGB -0.04%
Global Growth Indicators
- Copper -0.62%
- Silver -0.72%
- Platnium -1%
Top Events:
- US/China trade talks start today
- US GDP – Estimates for 2.6%
- China’s Lunar New Year spending growth slows to a decade low.
- UK Industrial Production -0.9% vs. estimates for -0.4%
- UK GDP +1% vs estimates of +1.4% y/y
Shanghai (FXI)
The Shanghai composite was up last night and now is approaching a huge breakout. The index closed just below technical resistance at 2,654. An increase above this level of resistance sends the composite about 7% higher to 2,825.
Hong Kong (EWH)
Hong Kong Hang Seng is also approaching a significant breakout. Should the HSI rise above resistance at 28,160, it could go on to rise to almost 29,000.
Germany (EWG)
But Europe is a different story because the German DAX is failing a critical resistance level at around 11,030. But as we can see the RSI did break out of a nasty downtrend, and I would expect that the pullback in the DAX is not likely to last.
S&P 500 (SPY)
S&P 500 is pointing to a higher opening as well; no surprise, right? We have talked about this since the middle of last week. The significant level of resistance sits at 2,735, with a gap that needs to be filled up there.
Russell 2000 (IWM)
Russell 2000 has found meaningful support around 1,492, and now resistance rests up at around 1,520.
Tesla (TSLA)
Tesla shares are rising in the pre-market after Canaccord upgraded the stock buy from hold, with a $450 price target. Additionally, Wedbush is positive on the stock this morning. The stock still looks as if it is headed towards $333, where it will face a downtrend and a resistance level. Bloomberg is modeling weekly Model 3 production at 5,186 per weeks. So much for weak demand.
Nvidia (NVDA)
Nvidia’s price target was reduced at Citigroup to $200 from $244. Even that price target seems way too high. The average price target on the stock according to YCharts is $181. That is a gain of 22% from its current level. There will likely be more price target reduction in the days leading up to the result.
I think this one is heading to $139 ahead of results.
Amazon (AMZN)
Amazon is looking to open slightly higher. But like how $1,620 offer all those weeks of technical support, it will now serve as resistance.
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[youtube-feed feed=7]Square (SQ)
Square is nearing resistance around $75. I had thought that the stock might fall to around $66. But it looks I may be proven wrong. If the stock can rise above $75, it has room to increase to about $83.
Mastercard (MA)
Mastercard has nearly recouped all of its losses from the end of 2018. It looks like it on pace to reach its highs around $223.
Netflix (NFLX)
Netflix is rising this morning above $350, and $360 is a significant level to watch. A rise above $360 triggers that rise to $380 we have looked for.
Good Luck today, see you later!
-Mike
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This report contains independent commentary to be used for informational and educational purposes only. Michael Kramer is a member and investment adviser representative with Mott Capital Management. Mr. Kramer is not affiliated with this company and does not serve on the board of any related company that issued this stock. All opinions and analyses presented by Michael Kramer in this analysis or market report are solely Michael Kramer’s views. Readers should not treat any opinion, viewpoint, or prediction expressed by Michael Kramer as a specific solicitation or recommendation to buy or sell a particular security or follow a particular strategy. Michael Kramer’s analyses are based upon information and independent research that he considers reliable, but neither Michael Kramer nor Mott Capital Management guarantees its completeness or accuracy, and it should not be relied upon as such. Michael Kramer is not under any obligation to update or correct any information presented in his analyses. Mr. Kramer’s statements, guidance, and opinions are subject to change without notice. Past performance is not indicative of future results. Neither Michael Kramer nor Mott Capital Management guarantees any specific outcome or profit. You should be aware of the real risk of loss in following any strategy or investment commentary presented in this analysis. Strategies or investments discussed may fluctuate in price or value. Investments or strategies mentioned in this analysis may not be suitable for you. This material does not consider your particular investment objectives, financial situation, or needs and is not intended as a recommendation appropriate for you. You must make an independent decision regarding investments or strategies in this analysis. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Before acting on information in this analysis, you should consider whether it is suitable for your circumstances and strongly consider seeking advice from your own financial or investment adviser to determine the suitability of any investment.