June 4, 2020
Stocks – SAVE, JPM, AVGO, AMD
Macro – QQQ, EWY
MIKE’S READING THE MARKET PREMIUM CONTENT $35/MONTH OR $300/YR–
- Tech Most Overvalued To Small Caps, Since, Well, 2000 – Midday
- Betting Micron Falls After Results
- Stocks Set To Rise, But Is The End Near? – Morning
- The Long-Term Growth Outlook For Stocks May Take A Huge Hit
- DEALERS HOLDING KEY LEVELS
- 3,100 Or Bust Is Closing In
- Drifting Higher Midday 6.1.20
Stocks are basically flat today after a pretty big run, a little bit off some overheated levels. Stocks had been lower and reversed some after the ECB announced it was increasing its QE program. There is plenty of economic still to come, with the BLS jobs report on Friday, and initial claims today.
South Korea (EWY)
Interestingly South Korea and Japan gapped sustainably higher at the opening and reversed sharply lower. The last significant gap in Korea was filled, and it was at that point, things shifted. So this is a considerable market to continue to watch.
The Qs formed a rising wedge yesterday, and a drop below $234.50 likely results in a pullback to around $229. Upside resistance comes at about $240.
The banks have been one of the most influential groups in the market in the past few days. JPMorgan is one of those stocks, and it is testing resistance and its highest price since April 9. If it can push through that level, then it was room to rise to around $114.30 probably.
Broadcom reports results tonight, and I’m not sure how those results will look. But what is important is what they will have to say. The stock is hitting resistance, and it needs to get above $308 for a chance at $322.75.
AMD is resting on an uptrend, and the break of that trend can send the stock sharply lower towards $49.20.
Spirit Air (SAVE)
Spirit is at resistance around $20, with a break out likely leading to advance towards $22.70.
Have a good one
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