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JANUARY 20, 2020Â
Stocks: AMGN, ROKU, SHOP, AMD, GILD
Macro: EWG, SPY
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The equity market was closed in the US on Monday, but the markets around the rest of the world were open. Most of the markets in Europe traded lower on the day with the expection of Germany, which increased by around 17 basis points.
Germany (EWG)
The DAX is now trading just below an all-time high and resistance at 13,610. It becomes a big test of the index, with a rise above resistance acting as confirmation to the strength we have seen here in the US.
Maybe the Fed’s “NOT QE” is pumping up that market too :P.
S&P 500 (SPY)Â
S&P 500 futures finished flat today, but there was minimal volume trading, so I’m not sure that it means much of anything. We will get a better sense when they start up again at 6 pm.Â
The chart below shows the rising wedge pattern I have been watching, along with the bump that formed. The question is, what happens now. AÂ LOTÂ of people have been telling me they think the market is going higher from here, and that my call for a 2-3% pullback is off base and wrong. I guess we will see this week.Â
Roku (ROKU)Â
I have been saying for days how much I’m not too fond of the way the Roku chart looks and how I think the stock is heading lower. Shares have been testing support at $128 now on several occasions. It will need to break soon for me to have made the correct call.
AMD (AMD)
It looks like AMD is moving up again, as it finally broke out of that consolidation phase. It would be crazy if this thing went to $60. Free article-Â AMD’s Bulls Are Growing Even More Bullish
Shopify (SHOP)
Shopify has been a beast since coming off that double bottom at $285. But now it has formed a bump and run reversal pattern. That means a pullback may coming, and support comes in the $410 to $420 region.
Amgen (AMGN)
Amgen has been rising sharply in recent months, and it looks like it may start pushing higher again. The RSI indicates the stock is in a longer-term uptrend, and the stock appears to have formed a bullish flag pattern. The only thing we need to do now is to wait and see what happens at resistance around $245.50.
Gilead (GILD)Â
Unfortunately, we can’t say the same for Gilead; now, even the RSI is breaking down. Not a good sign. The stock appears to be lost, and a total waste of time at the moment.
Until tomorrow
-Mike
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.  Â
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This report contains independent commentary to be used for informational and educational purposes only. Michael Kramer is a member and investment adviser representative with Mott Capital Management. Mr. Kramer is not affiliated with this company and does not serve on the board of any related company that issued this stock. All opinions and analyses presented by Michael Kramer in this analysis or market report are solely Michael Kramer’s views. Readers should not treat any opinion, viewpoint, or prediction expressed by Michael Kramer as a specific solicitation or recommendation to buy or sell a particular security or follow a particular strategy. Michael Kramer’s analyses are based upon information and independent research that he considers reliable, but neither Michael Kramer nor Mott Capital Management guarantees its completeness or accuracy, and it should not be relied upon as such. Michael Kramer is not under any obligation to update or correct any information presented in his analyses. Mr. Kramer’s statements, guidance, and opinions are subject to change without notice. Past performance is not indicative of future results. Neither Michael Kramer nor Mott Capital Management guarantees any specific outcome or profit. You should be aware of the real risk of loss in following any strategy or investment commentary presented in this analysis. Strategies or investments discussed may fluctuate in price or value. Investments or strategies mentioned in this analysis may not be suitable for you. This material does not consider your particular investment objectives, financial situation, or needs and is not intended as a recommendation appropriate for you. You must make an independent decision regarding investments or strategies in this analysis. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Before acting on information in this analysis, you should consider whether it is suitable for your circumstances and strongly consider seeking advice from your own financial or investment adviser to determine the suitability of any investment.
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