6 Stocks To Watch For The March 6 Trading Session

A real orginal title, I know. Sorry, My creative juices my not be working today.

Stocks

Stocks went pretty much nowhere on March 5, with the S&P 500 finishing the day down about 10 bps No big deal. I was modestly surprised that stocks didn’t get a boost from the strong services PMI data which came in at 59.7 versus estimates of 57.2. It was one of the highest reading in some time.

Let us not forget that the services industry in the US far outweighs the manufacturing sector BY A LOT!

While it is nice to obsess about weak manufacturing PMI’s because it sounds so dire and creates headlines of doom, let’s just stop and call it a day.

Biotech (XBI)

Biotech stocks plunged on the news that FDA Commish Dr. Scott Gottlieb is resigning. The only reason for the decline is that the market fears the unknown, and not knowing the next commissioner is the unknown. Sell first, ask questions later.

You can see from the chart below that the day was going rather well for Biotech –that is, before the news.

xbi biotech

Netflix (NFLX)

I drew in a new trend line for Netflix, and this time it is a downtrend. The stock did rise today, but notice where the stock stopped rising –right at resistance at $355.

netflix

Alphabet (GOOGL)

Alphabet popped above $1,170 briefly, and that could step up a rise to $1225.

netflix

ROKU

Roku was up today, I’m assuming on the news that you can now use Alexa and Roku together. I download the skill to my Alexa, it’s ok, certainly not worth a 3% rise in the stock. Just don’t say: “Alexa, Go to Netflix on Roku.” You still need to use your remote for that one! hmm. I wonder if that is by design or a bug? Whaddya think?

IQiyi (IQ)

IQiyi went up today; it doesn’t seem to care what I think. Not many stocks do. Someone asked me if it is possible for IQiyi to consolidate sideways back to the trend line. I would agree with that, it is entirely possible. I will also admit at this point a move lower to $24 is likely not on the table anymore. I still think it is overbought based on that RSI.

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Disclosure: Michael Kramer and the clients of Mott Capital own Tesla, Netflix, and Alphabet

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

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