This column is my opinion and expresses my views. Those views can change at a moments notice when the market changes. I am not right all the time and I do not expect to be. I disclose all my positions clearly listed on the page, and I do not trade my account on the stocks spoken of in this column unless fully disclosed. If that does not work for you stop reading and close the page. Do not bother me or harass me.
Otherwise, enjoy the column!
Subscribe to the Monster Stock Market Commentary to get the Weekly Monster Market Commentary and join the 3,338 subscribers getting it for FREE!
For the week of October 21
STOCK Mentions: BA, JNJ, TSLA, AAPL, VZ, NFLX, ROKU, OKTA, ZS
MACRO Mentions: SPY, QQQ
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN AAPL, VZ, NFLX, TSLA
TOP PREMIUM READING THE MARKETS CONTENT FOR THE PAST WEEK:
- Earnings Season Will Be In Full Effect For The Week Of October 21
- The Big Stock Market Break Out May Be Just Weeks Away
- Here’s Why AMD May Drop By As Much As 12%
- Here’s Why Disney’s Share May Climb
- Why Netflix May Rise Following Results
- Taiwan Semi May Have FurtherTo Surge
S&P 500 (SPY)
The week of October 21 will be busy with earnings season in full effect. However, the market left off on Friday in a precarious spot and is likely to continue to move lower when it resumes on Monday. The S&P 500 trend has changed and has shifted lower, and that means the index may continue to decline towards 2965 or as low as 2940 to start this week.
We can see the NASDAQ also struggled to regain positive momentum on Friday, failing at resistance around 8,110.
Boeing fell apart on Friday, and it will put additional pressure on the company when they report results this week. The chart looks broken, and as I said to a subscriber mid-week, the stock looks like it could fall to $320. That was before Friday’s sell-off.
Johnson and Johnson (JNJ)
Johnson and Johnson has a ton headline risk now, and if the stock falls below $ 126.50, a move to $122 seems likely. But after $122 could mean a drop to $111.
Tesla has been rising steadily, but it has been unable to rise above $267 so far. It needs to rise above that level to push towards $300. I think this week it breaks out and that big push higher begins.
Verizon closed at its highest price since the year 2000, and now maybe heading to a record high at not seen since 1999.
So much for Apple falling as I thought. Now it seems to be getting ready for its push to $242.
Netflix tested and is holding the break out at $273, the trend higher continues with the stock pushing back to $320 this week.
Roku got back to and failed at resistance around $143. I think the stock continues to fall, dropping back to $122.
The chart for OKTA does not look good, with a chance to push even lower towards $87.25.
Zscaler has to hold $42.70, or else $34.75 seems possible.
Have a great week
Mott Capital Management, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Past performance is not indicative of future results.