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 June 17- Stock mentions: SPY, INTC, NFLX, AMZN, BIIB, ROKU, JD,
Michael Kramer and the clients of Mott Capital own NFLX
The Week of June 17
The week of June 17 will be busy with the FOMC meeting start on Tuesday and concluding on Wednesday afternoon. The CME FedWatch shows there is just a 23% chance of rate cut during this meeting, and a 77% chance rates remain unchanged. However, the same tool is also showing that there is a 68% chance of a rate cut in July. So the market will be listening very carefully for clues about a July cut.
S&P 500 (SPY)
The current pattern in the S&P 500 is suggesting that the index rises this week. Should the index break out and rise above 2,915 it could set up a run towards 2,940 for the week of June 17
I’m going to be watching the semiconductor stocks very closely this week to see if they can bounce back from Friday’s sell-off. Intel will be of interest to me because the stock is now trading off its lows and has been consolidating nicely around $46. I think this week the stock will get back to $48 and push towards $50 over time.
There is very slowly a change in trend showing for Netflix. The RSI is starting to very gradually begin to rise again, despite NFLX falling, that a bullish divergence. We will need to watch this closely this week to see how things develop. However, NFLX stays range bound the week of June 17.
Amazon looks as if this week, it can finally make it’s way $1,900.
Biogen looks as if it is at the top of the range and may be heading back to around $215.
Roku had a nice move higher; I think that has probably played out for now, with a drop to $94 on the way. Roku’s price has been rising while the RSI has been trending lower, a bearish divergence. I think ROKU starts heading lower.
JD.com may have little cup n’handle forming. I saw some very bullish option betting early last week; I wrote up in my premium area. Maybe the JD makes it back to $28 this week. (See: JD.Com: Bullish Betting Suggest The Stock Rises)
Hey maybe things are looking better for a China/US trade deal, Soybean prices have risen sharply in since the end of May. Soybean prices collapsed nearly two weeks before the infamous Sunday morning tweet. Maybe it pays to listen the what the beans have to say.
Have a good one and Happy Father’s Day to all the Dad’s out there!
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.