6 Stocks To Watch: March 6 Trading SessionStocks
Stocks went pretty much nowhere on March 5, with the S&P 500 finishing the day down about 10 bps. I was modestly surprised that stocks didn’t get a boost from the strong services PMI data which came in at 59.7 versus estimates of 57.2. It was one of the highest reading in some time.
Let us not forget that the services industry in the US far outweighs the manufacturing sector.
While it is nice to obsess about weak manufacturing PMI’s because it sounds so dire and creates headlines of doom, let’s just stop and call it a day.
Biotech (XBI)
BiotechI stocks plunged on the news that FDA Commish Dr. Scott Gottlieb is resigning. The only reason for the decline is that the market fears the unknown, and not knowing the next commissioner is the unknown. Sell first, ask questions later.
You can see from the chart below that the day was going rather well for Biotech –that is, before the news.
Netflix (NFLX)
I drew in a new trend line for Netflix (NASDAQ:NFLX), and this time it is a downtrend. The stock did rise today, but notice where the stock stopped rising –right at resistance at $355.
Alphabet (GOOGL)
Alphabet (NASDAQ:GOOGL) popped above $1,170 briefly, and that could step up a rise to $1225.
Roku Inc (ROKU)
Roku Inc (NASDAQ:ROKU) was up today, I’m assuming on the news that you can now use Alexa and Roku together. I download the skill to my Alexa, it’s ok, certainly not worth a 3% rise in the stock. 
IQiyi (IQ)
iQIYI Inc (NASDAQ:IQ) went up today; it doesn’t seem to care what I think. Not many stocks do. Someone asked me if it is possible for IQiyi to consolidate sideways back to the trend line. I would agree with that, it is entirely possible. I will also admit at this point a move lower to $24 is likely not on the table anymore. I still think it is overbought based on that RSI.
Nivida (NVDA)
I’m beginning to regret changing my view on NVIDIA Corporation (NASDAQ:NVDA) a few weeks back to increasing to $178. Because now, I have to admit that it was the wrong call, and now I have to flip back to say I think it is going to fall. It just makes me feel dumb. But I’m going to flip, sorry, folks. It doesn’t happen that often, but Nvidia just doesn’t look right. So a drop below $150 sends it back towards $139, and I do see this one falling.
Nio (NIO)
I have a rhetorical question, why is that everybody screams and cries about Tesla’s valuation, but yet the start-up NIO Inc (NYSE:NIO) is praised as the Tesla (NASDAQ:TSLA) killer? The company has a market cap that is a third of Ford and Fiat. That is right Nio has a $10 billion market cap.
The company is even more expensive than Tesla. I don’t see as much as of controversy around Nio and its valuation. Hardly even the same amount of short interest in the stock either.
