Facebook Leading Stock Higher, Plus Amazon Preview On Jan. 31

Thursday, January 31, 2019

S&P 500 Future +5 points

US 10-Year: 2.67%

Dollar Index: 95.30

VIX: 17.5

Oil: $54.32

International Trading

Nikkei: +1.06%

Hong Kong HSI: +1.08%

Shanghai: +0.35%

Korea Kospi: -0.06%

Key Events:

  1. U.S./China Trade Negotiations
  2. BLS Job Report on 2/1: Estimates +165k
  3. Earnings Still Front and Center:
  4. Thursday PM:
    1. Amazon
    2. Cypress
  5. Friday AM
    1. Chevron
    2. Exxon

S&P 500 (SPY)

Stocks are pointing to a slightly higher opening today with the S&P 500 future pointing to a 6 point increase. Resistance for the S&P 500 is around 2,690. We tested that level briefly yesterday and failed.  Support for the index is at 2,630.

spx

Facebook (FB)

Facebook is rising over 11% this morning after reporting better than expected results. We reviewed those results last night.  The stock is trading right above resistance at $166, and it is holding support at that price nicely. The next price to watch for is $173.

facebook, fb

Twitter (TWTR)

Twitter is rising as well, and if can get over $33.50 it can go on to $36.50.

twitter, twtr

Qualcomm (QCOM)

Qualcomm is rising a bit after it reported results and guidance was mostly in line. Sometimes not being worse than expectations is all that matters. The stock is rising and bouncing where it should.  Pretty hard to bet against Qualcomm at this price given its history, don’t you think?

qcom

Visa (V)

I’m scratching head my trying to figure out why Visa is trading lower this morning? Good numbers, guidance seems to be good. Strange.

visa, v

Mastercard (MA)

Is rising in the premarket after it reported results. This one is breaking and could be heading back to $220.

mastercard, ma

Tesla (TSLA)

Tesla is trading down, not because of earnings, but because the CFO is retiring –again! I think that is a non-event, the guy replacing him has been at the company for a long time and appears equipped to handle the job. Whatever. The chart is unchanged.

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Disclosure: Michael Kramer and the clients of Mott Capital own Tesla, Visa, Mastercard

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

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