Stocks Are Rising on January 9 As The Bulls Ride Again

S&P 500 Futures +10.5 points
10-Year 1.87%
Dollar Index 97.47
Oil +$59.82
VIX 13

International:

Japan +2.31%
HK +1.68%
China +0.91%
SK +1.63%
Germany +1.24%
UK +0.5%

Stocks are pointing to a higher opening once again, with the S&P 500 futures up 10.5 points. It follows what has been a robust overnight session across Asia and Europe.

Germany (DAX)

Germany reported healthy industrial production showing a 1.1% gain month over month versus estimates of 0.7%. It is helping to push the DAX to level its highest levels since January 2018.

dax, germany

S&P 500 (SPY)

S&P 500 Futures are trading at a new all-time high at 3,270. Based on the charts and the projections, and incorporating the steep pullback from Tuesday night, the new target for the futures is around 3,364.

S&P 500 futures

Snap (SNAP)

After pausing, yesterday, Snap is rallying once again and perhaps more critical, clearing a resistance level at $17.15 after Jefferies raised its price target on the stock to buy from hold with a $21 target. Also, Cowen raised its price target to $20 from $16. It makes $18.40 the next level to look for.

snap

Starbucks (SBUX)

Starbucks is rising after its rating was raised to overweight from Equal-weight and its price target to $107. For now, the stock first needs to get above $91.50.

starbucks, sbux

Goldman Sachs (GS)

Goldman Sachs is also rising today after getting its price target raised to $270 from $245 at BofA. If the stock can clear $245, then the next watch level is $262.

goldman, gs

Splunk (SPLK)

Piper raised its price target on Splunk to $190 from $160. The stock rose above a rising triangle, and now the next level to watch for comes around $161.

splunk, splk

Tesla (TSLA)

Tesla was downgraded at Baird to Neutral from Outperform while raising its price target to $525 from $355. The downgrade comes on what seems to be based on valuation. One can’t disagree, given the big stock move higher in recent months. Still, the chart suggests the stock gets to $508; after that, I have no clue. The RSI is getting very high.

tesla, tsla