The Stock Market Will Be Put To The Test On February 8

The Stock Market Will Be Put To The Test On February 8

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.

Otherwise, enjoy the column!

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Thank you, MarketWatch for using yesterday’s commentary in your Need To Know!

Friday, February 8

The U.S. Markets

  • S&P 500 Futures -16
  • 10-Year 2.64%
  • Dollar Index 96.58
  • Oil $52.30
  • VIX 17.32


  • Nikkei -2.01%
  • Shanghai – Closed
  • Hong Kong HSI -16bps
  • South Korea KOSPI – 1.2%
  • German DAX -43bps
  • UK FTSE -16bps

Trump may now be targeting trade with India.

Hong Kong

So much for trade war concerns in Hong Kong. Stocks fell sharply lower to start the day. But by days end where flat. This after being closed the past few days.

hong kong hsi

Anyway moving on

S&P 500 (SPY)

S&P 500 is looking for a lower opening again, testing my belief that yesterday was a one and done. Could I be wrong, surely? I could be. I’m not right all the time. But right now the futures are indicating an opening around? Yeah, 2690. So we will see what happens.

sp500, spx

Semis (SMH)

The semis are pointing to a lower open again too, and currently around $98.

semis, smh

Qorvo (QRVO)

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But that shouldn’t come as a surprise with Qorvo trading lower following –get this dissappointing guidance from a chipmaker. Notice any trends here? It will be interesting to see if this stock can rally back, it will give us an idea of whether semis are at the bottom or not. Remember NXP yesterday.


Amazon (AMZN)

Amazon is trading lower, and the headlines for Jeff Bezos are getting messy. I do wonder how or if this may affect the stock. The stock is looking lower this morning. Today the stock is trading again below $1600. Not good.

amazon, amzn


AMD is one chip stock that has not been hot recently and appears to be heading back to $21.


Nvidia (NVDA)

Nvidia is the other and continues to look like it may be heading toward $139.

nvidia, nvda


GM just continues to melt after reporting its results earlier this week. I guess they weren’t as strong as everyone initially thouhgt. I tried to warn you, the options trades said so.

GM’s Stock May Face A Rocky Road Following Quarterly Results


On High Alert

Anyway, watch those levels today, I pointed them all out yesterday! Here are they quickly again

  1. S&P 500 around 2,690
  2. Russell 1,492
  3. VIX 17.50
  4. SMH around $98


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