Stocks Fall On May 17 As Twitter Sunday Looms On The Horizon

The good news is that the market held the day’s lows, and was pretty resilient most of the day. Even better, the S&P 500 was up at one point, rising over 2,880. The bad news, a) its Friday and who knows what kind of tweets there may be over the weekend, b) there was also news that the trade talks are breaking down.

S&P 500 (SPY)

So by the end of May 17, the gains were gone, finishing the day where we started, down about 50bps. In my view it was a solid showing this week, finishing pretty much untarnished from last week and that’s a win in my book given Monday’s dive.

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Nvidia (NVDA)

It turns out Nvidia not only gave back all of its post-market gains from last night, but it also fell from yesterday’s close. I continue to think this stock is heading even lower. The conference call did not read well, and I get the impression they have limited visibility. I broke down Nvidia and AMD’s conference call in .a premium, showing the stark contrast between the two calls.

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Alibaba (BABA)

Alibaba continues to perform poorly, and I think it may only continue to get worse for the company as the Chinese yuan devalues. $166 is the last line in the sand before a drop to $150.

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Micron (MU)

Micron fell below support at $36.40; it may open the door to $34.

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Broadcom (AVGO)

Broadcom has done a good of holding on to support around $289. But it seems at risk of now falling to $273, especially if this trade stuff escalates.

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Boeing (BA)

Boeing may be creating a bear flag, perhaps setting up that drop to $326.

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