October 3 – Stock mentions: SPY, MU, AMD, MSFT, PEP, AAPL
Michael Kramer and the clients of Mott Capital own AAPL and MSFT
- S&P 500 Futures +9.75 points
- US 10-Year 1.58%
- Dollar Index 99.11
- Oil $52.53
- Vix 20.04
- Japan -2.01%
- HSI +0.26%
- Shanghai -closed
- KOPSI -1.95%
- UK -0.61%
- Germany – Closed
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.
Keep an eye on the VIX, as long as it stays around 21 or lower we should be fine.
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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 keeps grinding lower, and my only concern here is if my target price of $27.40 is too low.
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.
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 is trading higher this morning after reporting better than expected results. $139.40 is resistance.
Have a great day. Short but Sweet!
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