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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July 9 – Stock Mentions: SPY, QCOM, SQ, MU, FB, TSLA
Michael Kramer and the clients of Mott Capital own TSLA
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- S&P 500 Futures -13 points
- US 10-Year 2.06%
- Dollar Index 97.50
- Oil $58.07
- VIX 14.66
- 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 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 is now trading outside of the rising wedge. That likely sets the stock up for a pullback to around to $188.
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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 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.
Tesla has been drifting lower, but all appears to be fine as long as TSLA holds above $225.
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.