February 14 Will Be A Huge Day For Nvidia, While Stocks Continue To Rise

U.S. Markets

  • S&P 500 Futures +8
  • 10-Year Treasury 2.70%
  • Dollar Index 97.17
  • Oil $54.46
  • VIX 15.56

International Markets

  • Japan Nikkei -0.02%
  • China Shanghai -0.05%
  • Hong Kong HSI -0.23%
  • South Korea KOSPI +1.11%
  • Germany +0.35%
  • UK FTSE +0.30%

Global Growth Proxies

  • Copper 2.80 +0.92%
  • Platinum 787 -0.61%
  • Silver 15.54 -0.72%

Key News

The South Korea Kospi appears to have barely broken out last night. It rose above that long-term downtrend we were watching and rose above resistance.

Kospi

S&P 500 (SPY)

S&P 500 is pointing to a higher day, and not much has changed, with resistance coming around 2,795 to 2,800 region.

S&P 500, spx

Cisco (CSCOWealth Strength IndexCSCO is Moderately Flat and trending Down)

Cisco is trading higher today after it reported better than expected results and boosted its dividend. The stock is breaking out this morning too, rising above its previous highs around $49.30. You have to go back to the year 2000 to find higher prices,  and a break out means a rise to around $55 could be in the works.

cisco, csco

Yelp (YELP)

Yelp is rising after its results. The stock hit resistance in the after-hours around $43.18, and that will continue to act as resistance going forward.

yelp

Nvidia (NVDAWealth Strength IndexNVDA is Moderately Flat and trending Up)

Nvidia will be the big earnings report tonight, and we will be watching with great interest. I had written an article on Monday on Nvidia; it is free Nvidia’s Bulls May Be Too Optimistic. I’m very concerned that the estimates for next quarter are too high. But I guess we find out later. Hopefully, I’m wrong.

Upside looks to be around $156, but the formation in the chart looks bearish. The RSI is trending lower. It just seems bad. $104 seems possible.

nvidia, nvda

Micron (MUWealth Strength IndexMU is Moderately Flat and trending Up)

Micron, however, looks like it may be on its way to $45.  This a premium article I wrote yesterday. Micron Breakout On The Horizon

micron, mu

Banks

I got some flack yesterday about my bank breakout call, but I’m sticking with it. The BKX index had a bullish flag and broke a downtrend. Additionally, the RSI broke its downtrend, and now the trend is turning more bullish. Sorry, but I think the BKX heads back to 103. Can they fail at $103 and then head lower again, sure. But let’s get back to 103 on the BKX first.

bkx

Biotech (XBI)

The Biotech ETF will try to break out today if the XBI can rise above $85.25, which send the ETF up to around 90.

biotech

Until Later

Mike

This article first appeared on Mott Capital.