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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Michael Kramer and the clients of Mott Capital own shares of Alphabet, Netflix, Visa, and Mastercard
March 5, 2019
US Markets
- S&P 500 Futures +1.25 points as of 8:15 AM
- 10-Year Treasury 2.73%
- Oil $56.64 +$0.05
- VIX 14.38 -0.25
- Dollar Index 96.71 +0.03
International Markets
- China Shanghai +0.88%
- Hong HSI +0.01
- Japan Nikkei -0.44%
- Singapore STI -0.52%
- South Korea KOSPI -0.52%
- Australia ASX -0.29%
- UK FTSE +0.24%
- German DAX -0.15%
Global Growth Proxies
- Copper +1.2%
- Silver +0.13%
- Platinum +0.23%
Global Trading
Global markets were mixed on March 5 with prices rising in China, but falling in South Korea. For now, South Korea is struggling to get back to resistance at 2,220. The index has fallen to 2,180. Support for the index comes around 2,140, and while this pullback isn’t dire, it is a divergence from what we have seen. While it is also unclear how much of this pullback is due to the break down last week in US-North Korea talks.
US Trading
The S&P 500 Futures are struggling at resistance of 2,818. This will continue to be a level of resistance for the futures.
S&P 500 (SPY)
S&P 500 will attempt to break out again today, and 2,800 and 2,812 will continue to serve as resistance, For now, my outlook for a breakout and an increase to 2,870 is unchanged, at this point.
Salesforce (CRM)
Salesforce has recovered a good part of last night post-results decline, with the stock down just 1.5%. Support is around $153, and resistance is at $161.
Alphabet (GOOG, GOOGL)
Needham started Alphabet with a buy rating. Alphabet has started to quietly creep higher. The stock has found some resistance around 1,160 and should the stock rise above that level, it would break a big downtrend and potential trigger a rise towards $1,225.
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Ctrip (CTRP)
JPMorgan upgraded Ctrip to overweight from neutral. The stock is nearing a potential break out at $35.50 which could send it higher towards $38.25.
Netflix (NFLX)
We are going to have to watch Netflix closely today now that support at $355 has broken. Support comes again at $337.
Visa (V) and Mastercard (MA)
Bernstein upgraded Visa and Mastercard today, placing a $165 and $250 price target on the stock respectively, up from $152 and $235.
Visa is nearly back to its all-time highs and is approaching resistance at $150.
Meanwhile, Mastercard has already is at its all-time high as well at $226.
AT&T (T)
I think at this point we can see that there is a new level of resistance in AT&T’s stock around $31.20. The stock looks like it is heading to around $28.90.
See you later
-Mike
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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. March 5