May 17 – Stock mentions: Nvidia, Alibaba, JDWealth Strength IndexAAPL is Extremely Up and trending Up, Square, and Qualcomm
- S&P 500 -13
- 10-Year 2.38%
- Dollar Index 97.89
- VIX 16.25
- Oil $63.44
- Nikkei +0.89%
- HSI -1.16%
- Shanghai -2.48%
- KOSPI -0.58%
- FTSE -0.28%
- DAX -0.92%
As I noted last night, the yuan was getting ready to take it next leg lower, and that is what has happened with yuan falling to 6.91.
S&P 500 (SPY)
Stocks are pointing to a lower opening continuing from yesterday late day pullback. I worry that the S&P 500 pulls back and retest the break out of the downtrend back down to 2,836. It wouldn’t be the worst case scenario as it would also provide the index an opportunity to retest a new uptrend.
Nvidia is giving back all of it’s after hour gains last night after a less than stellar conference call noting it would not provide full-year guidance. Regardless, I continue to think this stock is heading to $150.
Alibaba is falling this morning on the weaker yuan, and as long as the currency continues to weaken this stock is likely to continue to drop.
JDWealth Strength IndexAAPL is Extremely Up and trending Up.com (JDWealth Strength IndexAAPL is Extremely Up and trending Up)
JDWealth Strength IndexAAPL is Extremely Up and trending Up is in the same boat at Alibaba.
The bad news for Qualcomm today is that the stock is falling below support at $82, and it now puts the stock at risk of falling to $76.50.
Square is in danger of retesting the lows from earlier this week and dropping to $62.
Best of luck on this last day of the week!
This article first appeared on Mott Capital.
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