Do polar bears count as bears for the stock market, or can it only be a brown bear? What about a Grizzle bear? These are the topics I wish there was more focus on. What kind of bear is the type that wall street refers too? That polar bear cub looks really cute and hardly looks scary.
S&P 500 (SPY)
As for the S&P 500, yeah that didn’t work out quite like how I expected. Doesn’t the market know I am never wrong? It decided today I should be wrong, and my hopes of a sharp rise vanished. That’s how it goes. Is this the start of a significant downturn? The uptrend I pointed yesterday, and the ascending triangle I noted is broken. The most significant risk at this point is that giant gap from early last week that needs filling, which could lead to a pullback in the index to around 2,830. Outside of that, I don’t see anything direr at this point. The upside continues to point to an increase to about 2,915.
Russell 2000 (RUT)
For now, the Russell is holding support around 1,562, but I could see it falling to around 1,535. Again, nothing cataclysmic. Certainly, that won’t be good for my options, but I have time.
AMD fell somewhat sharply today and it likely still has some further to fall, perhaps to around $25.90 or so. I read a great story today about AMD beating up on Intel CPU’s.
Roku is now teetering on support at $59, with the potential to fall to around $52. I wrote a story today on why I think it does drop $52. Will Roku’s Stock Fall Even Further?
Amazon briefly broke above $1850 but pulled back on its first go ’round. So we will have to see if the stock can manage to break through should there be a second attempt.
Apple had a pretty big turnaround mid-day after being up all morning. At this point, there is not enough to say that the stock is finished rising. $209 still seems likely.
I wrote up an article talking about why I think Snap may continue to rise over the short-term. For now, $13.20 seems to be the upper limit. Snap Sees Bullish Options Betting
I apologize, I feel like today’s write-up was rather dull. But that’s how it goes some days.
Maybe tomorrow will be better!
This article first appeared on Mott Capital.
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