A Bottom for Stocks May Be Closer Than You Think

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!

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October 3 – Stock mentions: SPY, MU, AMD, MSFT, PEP, AAPL

Michael Kramer and the clients of Mott Capital own AAPL and MSFT

US Markets

  • S&P 500 Futures +9.75 points
  • US 10-Year 1.58%
  • Dollar Index 99.11
  • Oil $52.53
  • Vix 20.04

International Markets

  • Japan -2.01%
  • HSI +0.26%
  • Shanghai -closed
  • KOPSI -1.95%
  • UK -0.61%
  • Germany – Closed

MACRO

S&P 500 (SPY)

The good news is that for now, the futures are holding the uptrend for the S&P 500. The bad news is that the futures need to stay above 2814 to avoid a potential double top pattern.  One day at a time.

An ideal scenario for today is a flat or lower open with a retest of yesterday’s low of 2875 with a move higher the rest of the day.  Premium content – A Bottom For Stocks May Be Closer Than You Think – Try it out and get the first two weeks free.

VIX

Keep an eye on the VIX, as long as it stays around 21 or lower we should be fine.

VIX

STOCKS

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Micron (MU)

Micron has done a reasonable job of hanging on to support around $42. That price is a significant level, a decline below it $42 sets up something significantly steeper to $38.

AMD (AMD)

AMD keeps grinding lower, and my only concern here is if my target price of $27.40 is too low.

amd

Microsoft (MSFT)

Microsoft has fallen below the uptrend for the first since July. One needs to wonder if this is a change in trend or just a mild short-term shift.

microsoft, msft

Apple (AAPL)

Apple has fallen sharply in the last few days but continues to remain above support at $217.50. As long as that price continues to hold all should be fine, otherwise like for a decline to around $209.

Pepsi (PEP)

Pepsi is trading higher this morning after reporting better than expected results. $139.40 is resistance. 

Pepsi, pep

Have a great day. Short but Sweet!

-Mike

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.

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