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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For the week of October 7 – Stock mentions: FB, NVDA, ROKU, MU, CSCO, C
Michael Kramer and the clients of Mott Capital own CSCO
If you didn’t have the chance to listen to the podcast for the week ending October 4, you can do so by just clicking the orange play button below. You can listen to it as you read 6 More Monster Stock Market Predictions for the week of October 7.
I will be doing a live webinar on October 9 at Noon ET. It will be hosted by Interactive Brokers and is FREE to join. There will be a Q&A session, as well.
It will be a busy week for economics, with CPI and PPI, Powell speaking three times, and US/China trade talks. I talked about all of this the premium version of the week ahead: If You Thought Last Week Was Fun, Just Wait Until This Week.
Facebook was able to find support around $173, and an increase above resistance at $180 could help to set FB up for a retest of resistance at $186.
Nvidia had a solid bounce off support at $171, and I think the stock is on its way to $198.
Roku still has this giant downtrend to contend with, but for now, resistance sits up at $121.
Micron found support at $42, and I think the stock will work on refilling that gap up at $48.75
I can’t figure Cisco out; every time I think it is going up, it goes down. Anyway, support at $46.50 needs to hold, and if it does, shares could bounce back to $49.30.
The pattern in Citigroup isn’t looking very good. When I look, I see a bearish head and shoulder pattern. We have to watch this develop, but a break below $61 would suggest that the stock could fall back to $54.
Have a great Sunday
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.