5 Stocks To Watch For The May 16 Trading Session

US Markets

  • S&P 500 Futures +9
  • 10-Year Rates 2.38%
  • Dollar Index 97.54
  • Oil $62.50
  • Vix 15.88

International Markets

  • Japan Nikkei -0.59%
  • Shanghai +0.58%
  • Hong Kong HSI +0.02%
  • South Korea Kospi -1.2%
  • Germany DAX +0.67%
  • UK FTSE +0.23%

Sorry, today’s write-up is a little bit abbreviated as I have to get out early today.

Stock Market

S&P 500 (SPY)

At the moment equities are pointing to a higher opening on May 16 and should that happen the S&P 500 is likely to cross above the downtrend that has been in place since May 6. It would be a positive development for the equity market and put the index on a path to close the gap up to 2,880. The chart below of the SPY ETF gives us a good sense of how the S&P 500 is setting up for the start of the day.  Premium Content: The Mood Is Shifting.

s&P 500, spy, may 16

Cisco (CSCO)

Cisco is jumping this morning by over 3% after the company reported better than expected quarterly results. The stock faces a resistance level at around $55. If that level is taken out, the stock has an excellent chance to get back to it recent highs.

cisco, csco

Micron (MU)

Micron continues to feel the pressure of the trade war, and shares are falling today. It does set up a potential retest of its recent lows around $37.

micron, mu

Netflix (NFLX)

Netflix will continue to try to rebound, and at least for yesterday $341 continues to hold as support. For now, $378 is the upper end of the range. The stock continues its consolidation. However, the RSI is still pointing lower, as of now it is tough to say that the stock is going to rise much higher than $378 at this point.

netflix, nflx

Walmart (WMT)

Walmart reported better than expected results on the bottom line but missed on revenue. The only negative seems to be that e-commerce growth came in at 37%, which as a bit slower than the 40%+ in prior quarters. There is some fierce resistance around $103, which appears is going to be hard to top, even with today’s results.  The stock is trading up around 0.5% as of 7:15 am.

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Disclosure: Michael Kramer and the clients of Mott Capital own Cisco and Netflix

Disclaimer: This article is my opinion and expresses my views. Those views can change at a moment's notice ...

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