The Stock Market Will Be Put To The Test On February 8

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The U.S. Markets

  • S&P 500 Futures -16
  • 10-Year 2.64%
  • Dollar Index 96.58
  • Oil $52.30
  • VIX 17.32

International

  • Nikkei -2.01%
  • Shanghai – Closed
  • Hong Kong HSI -16bps
  • South Korea KOSPI – 1.2%
  • German DAX -43bps
  • UK FTSE -16bps

Hong Kong

So much for trade war concerns in Hong Kong. Stocks fell sharply lower to start the day. But by days end where flat. This came after being closed the past few days.

 The Stock Market Will Be Put To The Test On February 8

hong kong hsi

S&P 500

S&P 500 is looking for a lower opening again, testing my belief that yesterday was a one and done. I could be wrong; I’m not right all the time. But right now the futures are indicating an opening around 2690. So we will see what happens.

 The Stock Market Will Be Put To The Test On February 8

sp500, spx

Semis (SMH)

The semis are pointing to a lower open again too, and currently around $98.

 The Stock Market Will Be Put To The Test On February 8

semis, smh

Qorvo (QRVO)

But that shouldn’t come as a surprise with Qorvo (NASDAQ:QRVO) trading lower following disappointing guidance from a chipmaker. Notice any trends here? It will be interesting to see if this stock can rally back, it will give us an idea of whether semis are at the bottom or not. Remember NXP yesterday.

 The Stock Market Will Be Put To The Test On February 8

qorvo

Amazon

Amazon (NASDAQ:AMZN) is trading lower, and the headlines for Jeff Bezos are getting messy. I do wonder how or if this may affect the stock. The stock is looking lower this morning, trading again below $1600. Not good.

 The Stock Market Will Be Put To The Test On February 8

amazon, amzn

AMD

Advanced Micro Devices (NASDAQ:AMD) is one chip stock that has not been hot recently and appears to be heading back to $21.

 The Stock Market Will Be Put To The Test On February 8

amd

Nvidia

NVIDIA (NASDAQ:NVDA) is the other and continues to look like it may be heading toward $139.

 The Stock Market Will Be Put To The Test On February 8

nvidia, nvda

GM

General Motors (NYSE:GM) just continues to melt after reporting its results earlier this week. I guess they weren’t as strong as everyone initially thought. I tried to warn you, the options trades said so.

 The Stock Market Will Be Put To The Test On February 8

gm

On High Alert

Anyway, watch those levels today, I pointed them all out yesterday! Here are they quickly again

  1. S&P 500 around 2,690
  2. Russell 1,492
  3. VIX 17.50
  4. SMH around $98

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