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Midweek Moves for Wednesday, May 8, 2019

Stocks resumed the beating after yesterday’s plunge and recovery. Volatility is expected because the two trading partners, China and the U.S., are in negotiations. Both are playing hard ball with the U.S. striking hard at a 25% tariff rate.

Chip stocks are down for the above reason: $AMD at the $26 level is almost a gift. $30 is not yet in play but could get there later. $NVDA is down in sympathy.

Resource stocks are down with oil and gas stocks hit hard. Watch $BP, $XOM, $CVX, $CHK.

In the drug stock space, $BHC is giving back a few points after the earnings beta. $MYL – Mylan reported a poor quarter and $TEVA will trade at 52-week lows next.

$AMC is the quiet star. The stock should not have pulled back. The theatre company reports results on Thursday.

$MSFT is now back to pre-earnings levels. Buy.

$INTC sub-$50 is approaching. Watch the stock.

What are your trades for Wednesday? Is a trade deal coming?

 

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