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.
Otherwise, enjoy the column!
Subscribe to The Market Chronicle to get the Daily Monster Market Commentary and join the 2,892 subscribers getting it for FREE!
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 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 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.
Subscribe to the The Market Chronicle to get it Daily and join the 2,892 subscribers getting it for FREE!
Apple continues to trend nicely higher; I will have to reassess the stock now that is has come within reach to $209.
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.
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
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.
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.