Stocks Drop on February 21, Who Wants To Go Long Into The Weekend?

By Michael J. Kramer of Mott Capital Management

Founder/CEO at Mott Capital Management, LLC • Feb 21, 2020 at 9:28 AM EST

Stocks are down a bit today, with markets falling globally, with mild losses.

S&P 500 (SPY)

Stocks are down a bit today, with markets falling globally, with mild losses. The S&P 500 Futures are down about 45 basis points and are trading around 3,354. For now, they are trading right around the uptrend, and we need that trendline to hold.
It is Friday, and it is never an easy day to call because one would think nobody wants to go long the weekend in this uncertain environment, but then again last week stocks finished higher despite the three day weekend.

S&P 500, spy

Nvidia (NVDA)

Nvidia is dropping this morning some more. Meanwhile, the next level of support continues to remain around $293.

nvda nvidia

GE (GE)

GE is very close to a support level at $12.35 and should the shares fall below that level the shares could drop to roughly $11.90.

AMD (AMD)

AMD is down some today and is still heading lower towards $54.60.

AMD

Roku (ROKU)

Roku is still trending lower, and now $123.50 is the level on watch with a drop below $123, sending the stock to $116.

roku

Boeing (BA)

Boeing has struggled recently, and now the stock is very close to breaking down with a drop below $336, pushing shares back to $317.50.

boeing, ba

Disclosure:

Michael Kramer owns SPY Calls

Disclaimer:

This article is my opinion and expresses my views. Those views can change at a moment's notice when the market changes. I am not right all the time and I do not expect to be. I disclose all my positions clearly, and I do not trade my account on the stocks spoken of in this column unless fully disclosed.
Additional Disclaimer: Mott Capital Management, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Past performance is not indicative of future results.

STOCKS IN THIS ARTICLE

GE NVDA AMD BA ROKU SPY

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