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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.
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.
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.
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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.Â
Have a great day. Short but Sweet!
-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.
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