Overnight Moves
In today’s morning call, we looked at 10 charts. Here are some of them below, but first, last night was very quiet, with the only really noticeable move being in PGMs. VIX is slightly elevated but still marginal, and depending on how the numbers are received today, we might see the VIX come down. Tencent continues on its downward momentum, and unfortunately, there is no known catalyst on this until earnings, so expect Naspers to feel the ripple.
S&P500 Index
Yesterday’s session ran as expected, and we will likely see more of the same sideways movement today. The previous levels worked out well with 7,000 to the upside and 6,960 to the downside, and they will still apply today.
Salesforce (CRM)
Software stocks have been hit hard recently, but we are seeing some green now. Our level for the day is $200, with $190 being a decent entry point and setting a goal of $212, with $185.50 being the stop-loss.
Pick n Pay (PIK)
Pick n Pay came out with numbers yesterday, and they were not good. We are seeing the stock trade at a negative valuation. There are a lot of questions regarding Boxer, and one of the reasons Pick n Pay is trading so poorly is that they might be forced to sell some of their Boxer shares. R20 will be our level today, but if we break past it, then just expect further downward momentum.
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