7 Stocks To Watch For The March 11 Trading Session

US Markets

  • S&P 500 +6 Points
  • US 10-Year Yield: + 2.65%
  • VIX: 16.30
  • Oil: $56.60
  • Dollar Index: 97.33

International Markets

  • Japan Nikkei: +0.47%
  • China Shanghai: +1.92%
  • Hong Kong HSI: +0.97%
  • South Korea KOSPI: +0.03%
  • Singapore STI:  -0.14%
  • Australia ASX: -0.38%
  • German DAX: +0.25%
  • UK FTSE: 0.75%

Global Growth Proxies:

  • Copper: +0.30%
  • Silver: -0.16%
  • Platinum: -0.33%

Global Trading

China

Global markets are mostly trading higher this morning, with Shanghai rebounding by about 2% after Friday’s steep decline.  The move higher for the index seems like nothing more than just a bounce at this point. Resistance for the index will now come around 3,065.

Shanghai

Hong Kong

The Hong Kong HSI also bounced some today, but again there is a giant gap to fill in this index as well.

hong kong hsi

So let’s not get too excited yet after today’s gains overseas. The trends over the next few days still seem lower.

US Trading

S&P 500 (SPY)

The S&P 500 is pointing to a slight increase today by about 25 basis points. But a quick look at the S&P 500 SPDR (SPY) would suggest that the ETF is butting up against resistance this morning. The chart shows that the ETF is struggling to rise above $275.50.

spy

The index itself will find a healthy level of resistance at around 2,750.

S&P 500, spy

Boeing (BA)

The broader stock indexes may find it difficult to rise today, especially with Boeing trading lower by nearly 10%, following the second crash of its 737 Max 8 in the past five months. The stock could find itself falling to around $371. That would allow the shares to refill that giant gap at $371 from its post-earnings jump.

Boeing, ba

Nvidia (NVDA)

Nvidia announced it would buy Mellanox (MLNX) for $7 billion. The move comes after Nvidia’s recent string of quarterly misses. I think this may be a sign that Nvidia’s problems aren’t over and the company is now trying to buy growth. It seems to be a diversification play and may be a sign that the company is still struggling in its gaming and GPU business.  I still think Nvidia falls to $139, before a potential further decline.

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

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

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