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.

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.

Twitter (TWTR)

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

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?

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.

Mastercard (MA)

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

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.

Amazon (AMZN)

Amazon reports results tonight after the close, and the stock is entering a zone of resistance which is crucial for the stock. The stock is entering a break out region around $1,720 and should it rise above $1,770 it could trigger a much more massive rally to around $2,000.