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OCTOBER 31
STOCK MENTIONS: FB, AAPL, QRVO, SWKS, ROKU, DIS, TWTR
MACRO: SPY, SMH, ECONOMIC DATA
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN AAPL, SWKS, AND DIS
PREMIUM CONTENT FOR OCTOBER 31
MACRO
Don’t forget tomorrow is a huge day for economic data, the job report, and ISM PMI
Stocks finished the day lower by about 25 basis points at 3038. But it was much worse than that at one point falling to around 3027, which is essential, because that level is technical support, the previous high, and the breakout. So far, the index held that support and bounced higher from it. That is positive and continues to suggest that the general trend at this point is likely to be higher.
Semis (SMH)
There may be another big move coming for the semis based on the chart of the SMH. Potentially to around $135. There appears to be a bullish flag pattern that has formed. Meanwhile, the RSI is trending higher.
STOCKS
Facebook( FB)
Anyway, Facebook had a good day. I watch it a lot today, and the stock always managed to find a bounce when it got below $192. Perhaps there is a floor; maybe there isn’t. Tomorrow will be a telling day for Facebook. Tomorrow we can find out if my prediction is right or wrong. – premium content 3 Stocks Making Me Look Stupid
Apple (AAPL)
Apple had a good day today too. However, there does seem to be a strong level of resistance in the stock now at $250. I’d be careful here, again, I still think the stock is heading lower short-term.
Qorvo (QRVO)
Qorvo is skyrocketing after posting solid results and better guidance. It just broke above resistance at $86.50. That should help the SMH and semis tomorrow.
Skyworks (SWKS)
That could be a very big positive for sign Skyworks, which reports next week. The market seems to think the same as I do, with the stock also jumping after hours on Qorvo. An increase above $93.50 sends it back to $100.
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[youtube-feed feed=7]Roku (ROKU)
I fear for Roku. The stock failed today at $150. It is a big test, break out and rise to $180. If not, it’s going to $135. I think $135 is more likely than $180.
Disney (DIS)
Disney has not been acting well, but maybe a falling wedge pattern has been created. If so, perhaps it pushes back to $132. Not what I thought would happen.
Twitter (TWTR)
Twitter is failing at $ 30.20, and if can’t get back above that price then the stock could fall to $27.20
Have a good one
-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.