Stocks Will Try To Break Of Out Of A Trading Range On December 12

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 12, 2019

Stocks: TSM, GE, SBUX, ROKU, CSCO

Macro: SPY

MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN CSCO

US Markets

  • S&P 500 +4 points
  • US 10-Year 1.8%
  • Dollar Index 97.15
  • Oil $59.12
  • VIX 15.08

International Markets 

  • Japan +0.14%
  • HK +1.31%
  • China -0.30%
  • Korea +1.51%
  • UK +0.32%
  • Germany +0.02%

Headlines

It will be another busy day of events with the UK general elections and an ECB rate announcement. Plus, we will get another round of economic data in the US, including the producer price index. There are also reports that President Trump is having a high-level meeting on Trade today as well among his advisors. 

S&P 500 (SPY)

S&P 500 future reached a high of around 3,150, but have since given back some this morning. This 3,150 region has been acting as resistance since the end of November. It is proving to be a difficult spot for the S&P 500 to push through. There does appear to be a clear uptrend that has formed since December 10, and I think that means the S&P 500 pushes through the 3,150 and continues on to 3,200.

S&P 500, spx

Taiwan Semi (TSM)

Taiwan Semi is breaking out of its trading range and rising sharply today after reporting a 9.7% y/y increase in November revenue. It is likely a positive read through to the entire semiconductor group.

taiwan semi

Starbucks (SBUX)

Starbucks is trading higher today after JPMorgan upgraded the stock to Overweight from Neutral and a $94 price target. The chart has turned higher and could continue to rise until hitting resistance around $91.40.

starbucks, sbux

GE (GE) 

GE is rising today after getting upgraded by UBS to Buy from Neutral. I noted yesterday that GE was in a place where it needed to bounce, and that is what has happened. The stock could probably push higher towards $11.50. 

ge, general electric

Cisco (CSCO) 

Cisco is also rising today, and I noted yesterday in an article I was seeing bullish options bets being placed, and the chart indicated the stock could rise to around $45.70.

cisco, csco

Roku (ROKU) 

Roku has been struggling at resistance at $150; we’ll see today if it can generate some momentum back or not.

roku, roku

Have a good one!

-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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