July 10 – Stock mentions: SPY, TSLA, MU, NFLX, AMD
Michael Kramer and the clients of Mott Capital own NFLX and TSLA
- S&P 500 Futures are up 6 points
- US 10-Year Treasury 2.05%
- Dollar Index 97.20
- Oil $59.22
- VIX 13.86
- Japan Nikkei -0.15%
- China Shanghai -0.44%
- Hong Kong HSI +0.31%
- South Korea KOSPI +0.33%
- Germany DAX -0.40%
- UK FTSE -0.01%
Trading Day for July 10
S&P 500 Futures are trading slightly high on July 10 placing the index about 10 points from 3,000. I continue to believe this is a market that wants to work its way higher. Powell’s testimony confirmed the view from the Fed meeting in June that indicated the Fed would act as appropriate. It is likely enough to confirm that the Fed will cut rates in July.
The testimony will be what the ammunition S&P 500 needs to push the index over 3,000.
Bond yields are confirming this bullish view for equities, with a move down to 2.05%
Well this has become my favorite chart of all in recent days, and you might not like me for this, but you will have to tune in at 12 PM and watch my live webinar to find out why!
Tesla shares are rising today after an email leak showed the company is getting ready to ramp-up production. The stock is moving higher on July 10 following report. My outlook for the stock hasn’t changed and still believe the stock is heading towards the $250 to $260 range.
Micron is continuing its advance, and with the stock trying to rise above $42, $44 could be the next stop.
Netflix will try to break out again today. The stock has stalled on multiple occasions in the past around $380 to $385 level. When will it finally break out and move on to $405?
AMD is advancing again today, and $34.50 is the next significant level to watch.
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.