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September 19 – Stock mentions: SPY, MSFT, ROKU, ACAD, MU, TSLA
Michael Kramer and the clients of Mott Capital own TSLA, MSFT, ACAD
US Markets
- S&P 500 Futures +5.50 points
- 10-Year 1.77%
- VIX 14.05
- Dollar Index 98.29
- Oil $59.40
International Markets
- Japan Nikkei +0.28%
- South Korea KOSPI +0.46%
- Shanghai +0.46%
- HSI -1.07%
- UK FTSE +0.57%
- DAX +0.26%
MACRO
Repo Operations
The Fed conducted a repo operation for the third day in a row, and the good news is that the rate was at 1.845%, so within the range of the Fed’s new target rate of 1.75% to 2.00%. Is all back to normal? Not sure yet, we will have to wait and see.
More Rate Cuts?
At the moment the market is now looking for one more rate cut in 2019, with a 48% chance of rates in a range of 1.5 to 1.75% in December. Not an impressive number, but dovish none the less.
South Korea (KOSPI)
The KOSPI has reached resistance around 2,100; now we need to sit back and watch and see what happens next.
S&P 500 (SPY)
The setup in the S&P 500 futures continues to be bullish. The index has held up reasonably well recently around the 3,000 level. I think that is a positive sign.
STOCKS
Microsoft (MSFT)
Microsoft has been range-bound for some time, but it needs to get over $141 to see a breakout.
Roku (ROKU)
Roku is testing support today at $122; this will be significant to watch, with a break sending the stock sharply low and to a gap fill at $100.
Acadia (ACAD)
It looks like the Bakers only took down about 25% of the Acadia deal or 1.562 million of the 6.25 million offered. The stock performed reasonably well after the place closing just slightly lower and rising about $2 above the deal price.
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Tesla (TSLA)
Tesla is approaching that significant uptrend we have been following. Now the next level to watch is for $253.
Micron (MU)
Don’t forget Micron will soon report results. The stock has held up reasonably well around support at $48.75, and I still think it can head towards $54.
Have a great day
-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.
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