S&P 500 (SPY)
Stocks are rising on May 27 on what seems like a stimulus rally, but this time from Europe. The EU plans to inject $750 billion into the economy. For some reason, it looks like a rather small number compared to the relative size fo the EU, but what do I know. Equities markets are moving higher, with the German DAX up another 1.9%. The next level of resistance for the DAX comes around 11,856.
Did you get a chance to look at the Dallas Fed Texas Manufacturing Outlook Survey? Mind you; the survey was taken between May 12 and May 20. This is from a state that has reopened. While the data is “better” than last month, the results were now on pare with the declines witnessed in 2008 and 2009, so better, yes, but still pretty horrible. It also suggests more job losses in May. Today we get the Richmond Fed at 10 am.
S&P 500 (SPY)
Enough with boring economic details. Currently, the S&P 500 SPY is rising this morning by 1.3% to around $303. As I noted yesterday in midday commentary, the next meaningful level of resistance comes at $306.70. If today’s gains can hold, then the RSI for the SPY will make a new high. So continue to watch that carefully.
Facebook (FB)
Facebook got a price target boost from Citi, going to $275 from $245. At least at this point, the stock is not getting much help. I still think it goes to $191; I guess only time will tell.
Acadia (ACAD)
Acadia’s price target was boosted to $53 from $48 at Opco. The opportunity ahead for the company is pretty big should it have positive depression results in the third quarter. The stock has stalled out around $53 a few times now, so it needs to break out soon to avoid a pullback. A drop below $50 probably sets up a pullback to $45.
PayPal (PYPL)
PayPal is still overbought, and still an expensive stock on a PE basis. It probably needs to fall further to $130.
Have a good one.
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