US Markets

• S&P 500 Futures -8.75 points
• US 10-Year 1.79%
• VIX 15.58
• Oil $56.10
• Dollar Index 97.81

International Markets

• Japan -0.64%
• HK -0.20%
• SK -0.38%
• China +0.31%
• UK -0.99%
• Germany +0.54%

MACRO

Here we go again, lets twist and turn headlines, and make something out of nothing. Trump’s comments on trade, at least based on my memory, do not sound any different than what we have heard in the past. Regardless, the futures are trading only slightly lower today on headlines; Trump wants to wait until after the elections to make a deal, which is not exactly what I heard when I saw the video. Whatever…

There have been plenty of negative headlines going back and forth over the past few weeks, but the market didn’t care. We’ll see just how much the market cares today. 

Regardless, is there a  surprise here? I told you last week the market was overbought, I told you over the weekend we were likely heading lower towards the uptrend, and I told you last night we were going to likely fall to around 3,080. My crystal ball didn’t know that Trump or anyone was going to make comments. But what was clear was that the market was overbought and needed to come down. Are the negative headlines the trigger? Sure. Does it change the fact the market is merely giving back from overbought levels? No. So let’s forget the BS headlines and move on.

The next level of support for the S&P 500 comes at 3,080, and then again around 3,040, which would fill the gap created on October 31.

STOCKS

Apple (AAPL)

Apple is falling some today, and support for the stock is at $260 and $255.

Tesla (TSLA)

Tesla is trading slightly higher today after Piper raised its price target on the stock to $423 from $372. Not sure why they pick a number like $423, and not something like $425, but whatever. There is still that giant gap to fill up to $353. Well, see if we can get there with the market “turbulence” ahead.

Micron (MU) 

Micron is moving lower, and it appears it will be retesting support at $45.50.

Alibaba (BABA) 

Alibaba isn’t likely to have a good day, and the stock traded down to 192HKD in HK, overnight, and that is likely where it is going here in the US and is on its way to $188.

Qualcomm (QCOM)

Qualcomm is falling below $82, and that could be a terrible sign that shares have further to fall, and the road to $76.50.

Have a fun day.