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July 22 – Stock Mentions SPY, AMZN, ACAD, AAPL, DIS, MSFT, MU
Michael Kramer and the clients of Mott Capital own ACAD, AAPL, DIS, MSFT
July 22 Trading Session
S&P 500 (SPY)
Stocks finished July 22 slightly higher with the S&P 500 climbing by roughly 30 basis point, closing at 2,985. Despite the up day, the index is still in a downtrend, but for now, is holding support at 2975. At least based on this chart the S&P 500 could stay in a holding pattern until July 31, believe it or not.
An increase above 3,000 on the S&P 500 is a breakout, a drop below 2,975 is a breakdown. It is that simple at the moment.
Amazon (AMZN)
Amazon I continue to believe that the stock is going to fall in the weeks following results, potentially to the uptrend around $1800. Now let’s get something straight, the longer-term setup in Amazon is what appears to be an ascending triangle. It means longer-term the AMZN is likely to rise. What I am merely saying is that over the short-term I think the stock falls to around $1,800. If you’d like to read more why I think Amazon may fall I wrote up an article today, noting some bearish options bets. Why Amazon May Drop
If you agree with me great, if you don’t, you don’t. I’m not right all the time, nor do I claim to be.
Acadia (ACAD)
Acadia is falling on July 22 after reporting disappointing Schizophrenia results. Truthful I’m surprised the results were negative. But that is how it goes. The good news is that the company is not moving forward with it. There are plenty of other trails in the works. Unfortunately, it likely means a drop back to $21 to $22 for now. We’ll have to see how earnings are on July 31.
Apple (AAPL)
Apple continues to trend nicely higher; I will have to reassess the stock now that is has come within reach to $209.
Disney (DIS)
There was no mistake in my write up this morning when I wrote I thought the DIS could fall to $132. There is a rising wedge in the stock while falling below support at $141. I believe there is a good chance the stock falls to $132. I own it, I’d rather it not, but if it does, it does. I still think that longer-term it is heading to $175.
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Micron (MU)
Micron appears to have broken out on July 22 and could be taking its next leg higher. I wrote a free article today, noting shares could rise to around $54. Optimism For Micron May Continue To Swell
Microsoft (MSFT)
I have been watching Microsoft closely, and the stock has been acting very well. After today, I’m decided if I think the stock can pull back or move higher. It appears an ascending triangle may be forming, and that means that the stock could continue higher. $140 continues to be the key test.
Have a good 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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