S&P, NVIDIA, ALIBABA: near-term observation

S&P, NVIDIA, ALIBABA: near-term observation

S&P

Despite all the gloomy projections, the stock market left the sideways uncertainties of July and entered August on a bullish note. Currently at 3 400, the S&P is exactly where it was cut by the virus crisis. Hence, we can now state that recovery is complete. So the future is bright once again. What next? Earnings reports.

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Nvidia

This Wednesday, Nvidia reports its financial results (Midnight of August 19/00:00 MT time on August 20).

Technically, this stock has been following a stable linear upward trajectory since the beginning of the recovery in March. Hence, it would be natural to expect the same in the coming mid-term future. However, also technically, its recent leap up to the epic level of $500 puts the price considerably above the normal rising trajectory. That’s why, while being confident about the fundamentals, be careful with a possible correction back down to the uptrend’s baseline.

Fundamentally, Nvidia expects strong results in Q2. These are mostly due to the virus-caused boom in demand for gaming industry products where Nvidia is a primary player. The EPS is forecast to be $1.97, up from $1.24 in the prior-year period by observers. Nevertheless, the price for this stock has gone far beyond the most optimistic projections for a semiconductor company – which it basically is – as well as far above the dot-come bubble red-zone levels of price-to-earnings ratio…

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Alibaba

Alibaba reports its Q2 results this Thursday, at 14:30 MT time.

This stock is notably volatile. Since the beginning of July, it has been stuck in a sideways channel between $268 and $242. While it is at its all-time highs, it is still seen as undervalued by many. At the same time, as an e-commerce company with a wide range of services, it is enjoying high consumer demand. Hence, with this positive fundamental background, beating financial expectations for Q2 would be a very timely boost for this stock to get in an upward trajectory again.

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