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.
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September 6, 2020
STOCKS – None
Macro – SPY, GLD, EWG, UUP, TLT
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- This Pullback May Be Different
- We Will Find Out Fast What Happens Next
- A Drop To 2860 On The S&P 500 Is A Real Possibility
- AMD May Fall 11% More
- Stock Market Comes To Critical Moment
- Stocks Set To Sell-Off Morning Commentary
- The NASDAQ Just Hit That Level Again – Midday
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN TSLA AND AAPL
MICHAEL KRAMER HAS QQQ PUTS
Nasdaq 100 (QQQ)
The Nasdaq futures are trading down about 1% today, following last week’s sell-off, and the futures find these sitting on the uptrend, which has been so critical to this big rally.
To this point, this uptrend has held, despite being tested multiple times over the past few days. A break of this uptrend would be horrible news and would likely send the futures down another 5.5% to around 10,870.
At this point, the RSI is now moving lower and suggesting more decline for the NASDAQ 100.
Tesla didn’t get into the S&P 500, at least during this round, and the stock is trading lower in Germany, with a dollar equivalent of around $390, which is down from Friday US close of $418. A drop below $390 sets up a decline to about $372. The $372 level is essential because there is no support after that until $331.
Apple is also trading lower in Germany today, to $119.29 in USD equivalents, and the stock needs to stay above that $115 level of support. I continue to think it is like heading lower towards $109.
Amazon is also trading down by about 1% in Germany today, but the level of comes at that uptrend, with a break likely resulting in a drop to $3,100.
AMD had a tough week, and this week isn’t likely to be any easier, with the potential to drop back to $71.70.
Have a happy labor day!
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