It's Likely To Be Another Wild Day At Casino Known As The Stock Market

Will It Be Another Wild Day At The Casino Known As The Stock Market

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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Good Morning Today is December 27

Recap of International Trading:

  • Japan was up 3.88%
  • Hong Kong Hang Seng Index down 0.67%
  • China Shanghai Comp. down 0.61%
  • UK FTSE down 0.73%
  • Dax down 1.52%

FED Rate Hike Watch:

According to the CME, there is now a 61.1% chance there is no rate hike in 2019 and a 24.5% chance of just one rate hike, and 9.6% of a rate CUT.

Red or Black?

Yes, the stock market seems more and more like a casino every day, surely not what we want to see. The machines have gone loco.

As of now, the equity markets are looking to pare its gains from yesterday. On the S&P 500, support for today will be around 2,441 followed by 2407. I am still optimistic that the S&P 500 can continue to rally to about 2,530 as long as it can manage to stay above 2,407.

You can see in the chart 2,407 acted as well-defined resistance/support region yesterday on the way higher.

S&P 500


For the NASDAQ the support level around 6,460.


For the Russell, support is at 1,311 and resistance is at 1,344.



The housing sector HGX closed right on resistance at 240, and that may prove to be the one to watch today should it break it out it is likely to be positive for the broader market. There will be some housing data to watch this morning, or maybe not. Apparently, this data will not be released because of the government shutdown.

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hgx, housing sector

Amazon (AMZN)

Amazon had a big day yesterday, and today the stock is looking a bit weaker. Support rest around $1450.


Tesla (TSLA)

Tesla found and bounced off support around $300, and that will continue to support going forward. Remember we should get Tesla Delivery number around January 3.


Roku (ROKU)

Roku has fallen to support $29.40. But there is still a pretty big gap that needs to be filled around $19.

AMD & Nvidia

AMD and Nvidia are both trading lower to start as RBC more risk to GPU pricing.

Nvidia needs to stay above support at $121, while AMD needs to stay above support at $16.

amd, nvda

Not a lot of news out there today, as one would expect with year-end near. That will obviously change once the new year beginnings and of course earnings season quickly approaches once again.

Today is sure to be a roller coaster


Photo Credit Via Flickr

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.

Amazon, Roku, Tesla, stocks, stock market