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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MAY 6, 2020
STOCKS – GE, BA, F, NVDA
MACRO- SPY, QQQ,
MIKE READING THE MARKETS PREMIUM CONTENT –
Stocks are pointing to a higher opening on May 6, ahead of the ADP private payroll report. Estimates are showing 20 million people lost their jobs in April. So we will wait to see what the damage was and then look forward to the initial claims on Thursday, and the BLS job report on Friday.
Still, you are seeing S&P 500 Futures and the SPY ETF rising this morning ahead of this employment report, up about about 50 basis points. For the $288.50 remains a level of resistance, and I will be curious to see if this little rally today can last.
At this point, the Q’s are also rising but not advancing beyond yesterday’s highs, at least not yet.
Boeing is getting closer and closer to completing that descending triangle and a drop to $102.
The technical pattern in Ford doesn’t look particularly attractive. I’m not sure if you are want to call it a falling bear pennant or not, but I’d careful and watch for a further decline.
Nvidia has stopped rising now around $300 four times. This is a significant level to watch for Nvidia, with a break out send shares sharply higher, or of course the opposite, which sends the stock sharply lower.
GE has a scary chart with a descending triangle forming, which suggests the stock falls back to the lows around $5.50.
Have a good one
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