Stocks Finally Set To Break Out On April 12, Led By Disney And Banks

US Trading

  • S&P 500 Futures +13.25
  • 10-Year Treasury 2.54%
  • Oil $64.50
  • VIX 12.50
  • Dollar Index 96.85

International Trading

  • Japan Nikkei +0.73%
  • China Shanghai -0.04%
  • Hong Kong HSI +0.24%
  • South Korea KOSPI +0.41%
  • German DAX +0.57%
  • UK FTSE +0.41%

Key News:

International Trading

The South Korea KOSPI continues to grind higher rising to 2,233 and is now firmly above resistance at 2,225.

kospi

US Trading

S&P 500 (SPY)

The S&P 500 is pointing to a higher opening of about 50 basis points higher. That will push the index above resistance at 2,891, and to right around 2,900 at the open. We had been looking for the breakout yesterday, but one day late is fine by me.

S&P 500, spx

Russell (IWM)

The Russell is also pointing to a rise of about 35 points to start the day. It will send the index on a course with resistance at 1,592. My view has been the index eventually makes its way towards 1,710.

russell

Disney (DIS)

Disney is trading higher this morning rising above $120 after it revealed its Disney+ streaming service yesterday for $6.99 per month coming in November. $121.50 to $122 will serve as resistance, and I’d be shocked if the stock is not trading above those prices in after a few weeks.

Disney, dis

Netflix (NFLX)

Netflix is trading lower as a result of the Disney launch, but don’t expect the Disney product to replace Netflix, it won’t. Disney’s service is a niche product with limited content. It is a nice addition to someones streaming universe, but Netflix is still a staple, offering plenty of content, and creating plenty of its own. For some more thoughts, you can read Disney+ Is Here — Get two weeks free.

netflix, nflx

JPMorgan (JPM)

JPMorgan is rising after it posted better than expected first quarter results. The company reported revenue of $29.1 billion versus estimates of $28.05 billion. Earnings came in at $2.65 per share versus estimates of $2.35 per share.

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

Michael Kramer owns IWM Calls

Disclaimer: This article is my opinion and expresses my ...

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