Morning Market Thoughts
Good morning. The market will open flat this morning, and there isn’t much in the way of news that relates to stocks. All attention seems to be focused on Director Comey’s pending testimony before Congress. The question is, “What will he say?” My answer is: “Well, somebody will be ticked off about it, but I’m interested in tickers, not who is ticked off.”
Stocks that I’m looking at this morning are:
NVDA — Gesting 50-day moving average and still in a wide trading range as it builds the next base.
MRVL — Still in a volatility squeeze, but looking strong along the 20-day moving average and could break out with just a bit more work.
WAL — A very nice orderly pullback over the last month has taken the stock back to the 50-day moving average. On Friday, the stock rebounded on 3 times average volume and closed up 1%.
BABA — Hope springs eternal, as Alibaba continues to push through $105, but can’t quite break out. I like the potential in this stock…it just needs some big buying to push it into orbit.
INGN — Still working on new highs after two days of institutional accumulation last week.
I spent quite a bit of time in the office this weekend, which makes me a bit of a market geek. But I was amazed at how much I got done with I didn’t have any distractions. It’s always a drag working on a weekend rather than spending time with your family. But the work I did has energized me for the week.
See you in the forum. Let’s get ready to rumble!