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July 9 – Stock Mentions: SPY, QCOM, SQ, MU, FB, TSLA
Michael Kramer and the clients of Mott Capital own TSLA
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US Markets
- S&P 500 Futures -13 points
- US 10-Year 2.06%
- Dollar Index 97.50
- Oil $58.07
- VIX 14.66
International Markets
- China Shanghai -0.18%
- Hong Kong HSI -0.76%
- South Korea KOSPI -0.59%
- Japan Nikkei +0.14%
- Germany DAX -1.09%
- UK FTSE -0.14%
Stock Trading for July 9
Markets in Asia by in large have not traded well in recent days, with Shanghai, South Korea, and Hong Kong all struggling. Germany has also struggled in recent days. The global weakness may be the S&P 500 biggest problem as it could be a sign of weakening sentiment.
S&P 500 (SPY)
The S&P Futures on July 9 are trading down to technical support at 2,962. Should the cash market open down 13 points, it would put the index below our uptrend and on a path to fall to support around 2,950.
Qualcomm (QCOM)
Qualcomm is asking the appeals court to delay its anti-trust ruling. QCOM has been trending lower since the beginning of July and now is at risk of a further decline potential to $72.50.
Facebook (FB)
Facebook is now trading outside of the rising wedge. That likely sets the stock up for a pullback to around to $188.
Square (SQ)
Square is rising after receiving an upgrade from Raymond James to Market Perform from Underperform. SQ is facing a strong level of resistance at $75. If SQ rises above that resistance level, it could move higher towards $83.
Micron (MU)
Micron is dropping on July 9. We will have to see what happens with this one today. $39 is still the critical level to watch for the MU.
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[youtube-feed feed=7]Tesla (TSLA)
Tesla has been drifting lower, but all appears to be fine as long as TSLA holds above $225.
-Mike
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Charts used with the permission of Bloomberg Finance L.P. 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.