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FEBRUARY 23, 2020
STOCKS: AAPL, ACAD, NFLX, GOOGL, NVDA, AMZN
MACRO: SPY
Michael Kramer owns SPY Calls
Michael Kramer and the clients of Mott Capital own AAPL, GOOGL, ACAD, NFLX
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It will not be a busy week in-terms of economic newsflow, but we will likely see a great amount of volatility. Markets will still be trying to figure out what the potential impact of the coronavirus is on the economy. But investors will get their first taste on Friday night when China will release its official manufacturing PMI. Premium content – Could See Some Important Data At The End Of This Week
S&P 500 (SPY)
The S&P 500 created a couple of reversal patterns, with two falling wedges, and a potential double bottom. We may get a better sense of things once the futures open, and Asia starts trading. There are several levels of support in the index at 3,316, and then 3,300, with a big gap fill down around 3,260.
If the index should rise, and the reversal patterns prove to be correct, the index can increase to around 3,373.
Amazon (AMZN)
Amazon’s cup and handle pattern vanished rather quickly after falling through support at 2,134. It likely means that the shares retest support and the prior all-time highs of roughly 2,050.
Alphabet (GOOGL)
Alphabet broke support and is now likely to test support at $1,430.
Apple (AAPL)
Apple has been dropping, and now the RSI is trending lower, and it means that the stock is in a period of consolidation. The stock is at support at $311, and the next significant level of support comes around $308. If the uptrend breaks, we could see some further downside in the stock, potentially to the $290 region.
Netflix (NFLX)
The RSI on NFLX continues to trend higher, and I think that means the stock continues higher, pushing towards $400.
Nvidia (NVDA)
I continue to believe that Nvidia will fall and fill the gap at $273.
Acadia (ACAD)
Acadia will report results on Wednesday, and I’m hoping to hear something about a pre-sNDA meeting with the FDA on Dementia-related psychosis. The RSI is now trending higher, and I think this one is heading back to the highs of around $51. I think Nuplazid has a chance of getting an approval for DRP before the end of 2020; I’m keeping my fingers crossed.
Have a great Sunday
Mike
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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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