Stock Are Trading Lower Ahead Of Powell On November 13

US Market

  • S&P 500 Futures: -8.75 points
  • US 10-Year 1.88%
  • VIX 13.18
  • Dollar Index 98.36

International Markets

  • Japan -0.85%
  • HSI -1.82%
  • China -0.33%
  • KOSPI -0.86%
  • DAX -0.51%
  • UK -0.34%

MACRO

S&P 500 Futures (SPY)

Stocks are pulling back some ahead of Powell’s testimony today at 11 am. Not much has changed overnight, and I don’t expect much to change after Powell talks today.

I keep reading these headlines about uncertainty around trade, but I listened to much of the same speech yesterday from the President, and I’m wondering where the creators of the headlines are getting this viewpoint? Nothing was said that was any different then what has been mentioned in the past.

Just so everyone is aware, the market does not go up in a straight line, and believe it or not; there doesn’t always have to be a reason for stocks to move lower. Sometimes stocks go down. But the good news is that the S&P 500 futures are well within the current trading channels and bouncing exactly where they should be.

See.

S&P 500, futures

 

CPI

Inflation is likely not a be a concern for the market, with the core CPI coming in at 2.3% below estimates for 2.4%.  Meanwhile, headline CPI came in at 1.8% versus forecasts of 1.7%.

STOCKS

Tesla (TSLA)

Tesla continues to rise. This morning Morgon Stanley noted that Tesla could see gross margins rise to the mid-30% range based on cheaper labor costs in China. I can’t believe I am about to write this, but an increase above $360 sends the stock back to its all-time highs.

tesla, tsla

Skyworks (SWKS)

Skyworks is falling despite better than expected results, and better guidance. The stock has run a lot, and there is a gap to fill around $90. I think the stock will be fine going forward.

skyworks, swks

 

Starbucks (SBUX)

Starbucks looks like it may be bottoming around $81.60, and is starting to turn higher after breaking its downtrend. $85 is the next level of resistance.

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Disclosure: Michael Kramer And The Clients Of Mott Capital Own  TSLA and SWKS

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

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