- S&P 500 Futures +24 points
- US 10-Year 1.56%
- Dollar Index 99.04
- Oil $53.15
- VIX 19.1
- Shanghai +0.39%
- HSI -0.91%
- Nikkei -0.61%
- Kospi +1.21%
- DAX +0.87%
- UK +0.47%
S&P 500 (SPY)
Stocks are rising this morning on positive headlines around trade talks between the US and China. The result, S&P 500 futures are bouncing back sharply from yesterday’s decline. We can see that the futures continue to trend higher and again are bouncing off that uptrend once again.
Soybean prices are breaking out this morning, rising above resistance at $9.13. Certainly, a good sign that perhaps some parts of the markets are expecting something positive to come from the latest round of US/China trade talks.
Roku is rising today after it was upgraded at Macquire to Outperform from Neutral while raising its price target to $130 from $110. The stock has managed to hold on to support at $100 and is now breaking the downtrend, which opens the possibility for the stock to rise to $122.
Nvidia received some positive comments from Piper Jaffray, and the stock is rising some on those comments. Again $178 is the level that needs to hold for the stock to push higher.
Tesla appears to be consolidating in a symmetrical triangle, and that means the stock’s next move may be higher towards $253.
Twitter has that falling wedge pattern, and if it can manage to get above $40.50, perhaps it can make that move towards $43.
If Amazon can hold on to this support level at $1700, perhaps it can make its way back to $1770.
Originally Posted on October 9, 2019 – Stocks Are Set To Rise on October 9 as Trade Optimism Brightens
October 9- Stock mentions: SPY, ROKU, TSLA, NVDA, TWTR, AMZN
Michael Kramer and the clients of Mott Capital own TSLA
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