Stocks are looking to rise sharply again on April 7 as hopes that the coronavirus is fading, but the economic damage has been done.

Take ’em Up Tuesday As Global Rally Enters Day 2 On April 7

APRIL 7, 2020

Stocks – MU, PVH, MMM, UBER, TSLA

Macro – SPY, EWI, EWY

MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN TESLA

Stocks are rising global again on April 7, on hopes the coronavirus is peaking. However, the economic fallout of the coronavirus has not peaked. In fact, we will get initial job claims on Thursday. I still don’t see how 10 million, or maybe more people, are going right back to work anytime soon. I think given the fact, the coronavirus may finally be moving behind us, we should start focusing on phase 2, which is the economic fallout, and I believe that it will be severe. So we should enjoy this rally while it lasts.

South Korea (EWY)

The KOSPI continues to rise and at least as of today it find itself closing right on the downtrend. So South Korea will be an essential index to watch in its next overnight session. 

Korea, kospi

Italy (EWI)

Italy finds itself trading right up to resistance as well at 17,785. Again this too is a critical level one needs to watch closely as the rest of the European session continues. 

italy

We can also see that the S&P 500 futures are now moving up resistance around 2,730. Again another critical level to watch for the S&P 500. I suspect this will not be an easy level to cross. 

S&P 500 futures

Micron (MU)

Micron is rising today, climbing above $45.50, with its next level of resistance coming around $48.75. 

micron, mu

3M (MMM)

3M is rising out of its broadening wedge, with its next significant level of resistance coming at $154. 

MMM, 3m

Tesla (TSLA)

Tesla is approaching resistance at $550, with a potential break out sending the stock to around $600. 

tesla, tsla

UBER (UBER)

UBER has a massive level of technical resistance at $28.55. 

uber

PVH (PVH)

PVH looks like it may have a double bottom in place, and should it rise above $43, it can likely run to $50.30. 

PVH

Anyway, Good Luck today. My premium audio podcast will be out later this morning. I will be checking and review the daily changes in trading and up to the minutes going into today. Just updated at 8:10 am on 4/7 

Stocks Set To Rally, But Options Still Betting It Doesn’t Last

-Mike

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