Stocks Are Rising on February 6 But Something Seems To Be Missing

Stocks are rising here in the US with the S&P 500 futures pointing to a gain of about 8 points to 3,343 a record high as of 6 AM ET. While markets in the US are reaching new highs, we can’t confirm this move with international markets or any markets yet. Interestingly while you can’t notice it here in the US, you can most certainly see in foreign markets, the giant gap fills taking place.

Markets Filling Gaps

This is a chart of South Korea, where we can see the giant gap-fill taking place back up to January 23 levels. 

 

This is the chart of Shanghai. 

 

The Nikkei

 

and Germany

 

Then, of course, this is a chart of the Russell

 

S&P 500 (SPY) 

So I guess, at this point, what I’m getting at, is that I’m not sure it is time to give the all-clear yet that the bull is fully back and that caution can be avoided. The S&P 500 futures are higher, but they have pulled back off their highs to some degree as well.

 

Copper

Copper prices have been rebounding too, but not anywhere close to the pre-selloff levels.

 

Oil 

Oil prices are also rebounding, but to this point have been unable to get through resistance at $52, which is a significant level to watch here.

 

Alibaba (BABA)

Alibaba is rising today, and yesterday we saw some options buying that indicated the stock could rise to around $335. 

 

Facebook (FB)

Facebook is rising today a bit, but keep an eye on resistance around $212. An increase above $212 sends the stock higher back towards $220, but a failure back to $203, and probably lower.

 

Microsoft (MSFT)

Microsoft is also trading higher, and yesterday I noted some bullish options betting for this stock for the premium readers, that the stock may still have further rise to around $193.

 

Intel (INTC)

Intel continues to push higher back to around $69. The stock found some solid support around $64 and appears to be heading back to resistance, with the potential to push higher towards $71.50.

 

Uber (UBER) 

Uber will report results tonight, and based on some bullish betting, I thought it could rise to around $41.60. Free article on Forbes – Uber’s Stock May Rise Following Results On Massive Volatility