Stocks Will Try To Push Higher On Quadruple Witching – December 20

US:

  • S&P 500 Futures +2 points
  • US 10-Year 1.94%
  • Dollar Index 97.59
  • Oil $60.98
  • VIX 12.27

INTERNATIONAL:

  • Japan -0.20%
  • HK +0.25%
  • Shanghai -0.40%
  • KOSPI +0.35%
  • UK +0.21%
  • Germany +0.59 %

S&P 500 (SPY

S&P 500 futures are pointing to a slightly higher open on December 20. Today also happens to be quadruple witching, which means we can see exciting things happen as investors position around specific strike prices.

It’s hard to fight the tape, and for now, the trend is still higher, perhaps towards 3,212. Both patterns, the channel, and the rising wedge I spoke of last night are still suggesting there is more room for equities to rise through today. We should have a much better sense by the end of the day what happens next.

S&P 500, spx

Biogen (BIIB)

Biogen is rising this morning after it announced a $5 billion share repurchase program. The stock has been stuck below resistance at $308. It will be interesting to see if this stock can ever clear that resistance level. 

biib, biogen

Tesla (TSLA

Tesla is rising again today to around $410. I noted in a premium article earlier this week that I thought the stock could rise to about $425.

tesla, tsla

Nike (NKE

Surprisingly Nike is falling today after reporting what I thought were good numbers. Downside appears limited to around $97.

Nike, nke

Nvidia (NVDA

Nvidia is rising after Wells Fargo named the stock its top semi name for 2020 with a $270 price target. $245 would be the next level of resistance for the stock. 

nvidia, nvda

Acadia (ACAD)

I noted yesterday in a free article that I thought Acadia’s recent declines had more to do with sourcing liquidity, than something direr taking place. The stock didn’t have a great close yesterday, so as long as the $42 to $43 region holds, it should be fine.

acadia, acad

 

Disclosure: Michael Kramer and the clients of Mott Capital own TSLA, ACAD

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

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