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S&P 500 Overview: Direction Unclear at Key Level
- S&P 500 at potential resistance but internals have improved amid hunt for value.
- Market hoping for best-case outcomes with Brexit, U.S. shutdown.
- Volatility, bond, yen price action suggests fear has passed for now.
- Index traders can wait for break to downside, but need confirmation.
- Fed beating dovish drum with no recession in sight.
Value Hunt Underway in New Names
- 2018’s IPOs like TLRY, ZS, IQ, PS are leading in the New Year.
- Small caps outperforming on signs smaller companies faring better than Fortune 500s.
- Brazil drawing buyers as Latin America’s top economy swings from socialist to pro-business.
- Some stocks already pushing new highs.
- Attend our New Stocks for the New Year presentation on Jan. 22.
Bullish Options Activity in Energy Space
- Jan. 8: Devon Energy (DVN) April 24 calls → April 28s, doubled in size.
- Jan. 10: Schlumberger (SLB) March 35 puts sold, targeting long-term low.
Don’ Watch List
- Citigroup (C) rallies on strong profits.
- JPMorgan Chase (JPM) may outperform this year. Watch earnings tomorrow morning.
- Wells Fargo (WFC) reports tomorrow morning
- Bank of America (BAC), Goldman Sachs (GS) report Wednesday morning
- Morgan Stanley (MS) reports Thursday morning
Russell’s Watch List:
- REGN, FB may break resistance lines and run into earnings 2-3 weeks from now.
- General Motors (GM) potential turnaround, golden cross coming.
- Goldman Sachs (GS) has a lot of bad news priced in.
- Palo Alto Networks (PANW) pushing resistance after strong earnings.
- Banks interesting as yield curve begins to steepen. Citi (C) predicts strong lending.
- Exelixis (EXEL): Watch for potential pullback, bounce near $22
- Coupa (COUP): Watch for breakout after Jan. 15 presentation.
- World Wrestling (WWE): May run away from 50-day MA.
- ZS, PS, DOMO making new highs in New Year, after strong earnings.
Indicator of the Week:
- Two lines of Easy Language helps you find recent IPOs:
If BarNumber > 1 AND LastBarOnChart then
Plot1(BarNumber, “BarNumber”);
