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Stocks Drop, But Real Risk Comes Later This Week

By Michael KramerETFsJan 08, 2020 12:13AM ET

www.investing.com/analysis/stocks-drop-but-real-risk-comes-later-this-week-200497109

By Michael Kramer | Jan 08, 2020 12:13AM ET

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S&P 500 (SPY)

Stocks were unimpressed by the better than expected ISM non-manufacturing reading of 55. It was only mildly better than estimates for 54.5. Meanwhile, the report revealed some weakness in the employment component, which has me feeling a touch nervous, heading into the job report on Friday. Still, growth seems to be fine, with the ISM reading corresponding to growth of 2.2% for the fourth quarter. A weak unemployment print could be the most significant risk to the equity market at this point.

It seems like at this moment, the S&P 500 is just marking time waiting to make its next move.

S&P 500 Daily Chart

Western Digital (WDC)

Well, the options traders did it again, with Western Digital (NASDAQ:WDC) having a huge day, rising by over 7% following that upgrade this morning. The next level of resistance comes around $75.65.

Wester Digital Daily Chart

Square (SQ)

The options traders had a good day with Square (NYSE:SQ), too, making them two for two on the day. The stock popped above the downtrend, and so did the RSI. I think that sets up a move to $67.35.

Square Inc Daily Chart

Micron (MU)

The options guys were even betting on Micron (NASDAQ:MU) late last week too. An increase above $58.65 sends the stock to $61.40.

Micron Tech Daily Chart

Twitter (TWTR)

I mentioned Twitter (NYSE:TWTR) yesterday in the mid-day updates, and based on the setup, the stock looks like it may be about to go higher.

Twitter Inc Daily Chart

Beyond Meat (BYND)

Beyond Meat (NASDAQ:BYND) finally popped, and now it may on its way to $100 and eventually fill that gap.

Beyond Meat Daily Chart

Original Post

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Copec Jan 08, 2020 4:05PM ET

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Havent you been covering MCD lately?

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jim boblooch Jan 08, 2020 5:56AM ET

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1D1W1M6M1Y5YMax

US 30	31,458.5	-42.2	-0.13%
US 500	3,904.2	-7.5	-0.19%
Dow Jones	31,438.26	-62.42	-0.20%
S&P 500	3,900.50	-11.24	-0.29%
Nasdaq	11,511.48	-96.14	-0.83%
S&P 500 VIX	27.02	-0.21	-0.77%
Dollar Index	103.715	-0.244	-0.23%

Crude Oil WTI	109.78	+2.16	+2.01%
Brent Oil	111.12	+2.02	+1.85%
Natural Gas	6.469	+0.188	+2.99%
Gold	1,824.20	-6.10	-0.33%
Silver	21.177	+0.018	+0.09%
Copper	3.7637	+0.0192	+0.51%
US Soybeans	1,531.00	+10.25	+0.67%

SPDR S&P 500	388.64	-1.44	-0.37%
iShares Russell 2000	175.78	+0.69	+0.39%
Invesco QQQ Trust	292.45	-2.16	-0.73%
Direxion Daily Junior Gold Miners Bull 2X Shares	40.72	-0.80	-1.93%
iShares Silver	19.48	-0.03	-0.15%
ProShares Ultra VIX Short-Term Futures	13.70	-0.69	-4.79%
ProShares UltraPro QQQ	27.32	-0.66	-2.36%

Apple	141.66	0.00	0.00%
Alphabet A	2,316.67	-42.83	-1.82%
Tesla	734.76	-2.36	-0.32%
Amazon.com	113.22	-3.24	-2.78%
Netflix	189.14	-1.71	-0.90%
Meta Platforms	169.49	-0.67	-0.39%
Bank of America	32.46	+0.15	+0.46%

	Interest Rates	Next Meeting
FED	1.75%	Jul 27, 2022
ECB	0.00%	Jul 21, 2022
BOE	1.25%	Aug 04, 2022
SNB	-0.25%	Sep 22, 2022
RBA	0.85%	Jul 05, 2022
BOC	1.50%	Jul 13, 2022
RBNZ	2.00%	Jul 13, 2022
BOJ	-0.10%	Jul 21, 2022
CBR	9.50%	Jul 22, 2022
RBI	4.90%	Aug 04, 2022
PBOC	3.70%
BCB	13.25%	Aug 03, 2022

Stocks Drop, But Real Risk Comes Later This Week

S&P 500 (SPY)

Western Digital (WDC)

Square (SQ)

Micron (MU)

Twitter (TWTR)

Beyond Meat (BYND)

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