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A Record Setting Day For Stocks As The Bulls Extinguish The Bears

A Record-Setting Day For Stocks As The Bulls Extinguish The Bears


A Record-Setting Day For Stocks As The Bulls Extinguish The Bears

MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWNS SHARES OF NFLX,
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I am back, after a mini-three day vacation. I’m sorry to those of you that await this commentary on a daily basis. My original plan was to push the commentary out even over vacation. But then I decided to take a much-needed break.  Working for yourself I find has a lot of perks, but it also has a lot of pitfalls.

S&P 500

Anyway, moving on to stocks. The S&P 500 managed to close at a record high around 2,875. It has been a long hard-fought battle back, but the rise in equities has been well deserved. To those of you that never lost sight of the longer-term outlook, while remaining optimistic during the dark and worrisome days last winter, congrats! Job well done.

S&P 500

Netflix

We last left-off talking and worrying about the FAANG’s, and for the most part, the outlooks seem to have improved considerably, especially for Netflix. I wrote last on Monday that a rise in Netflix above $332 would send the stock on to $357, and that is precisely where the stock went. Well more like $359, which may be even more critical. Shares got nicely over resistance around $357 today, and that level then turned to technical support by days end.  The next significant level to watch for in the stock comes around $367.

netflix

Amazon

Amazon hasn’t changed much over the last couple of days and is still entrenched in a rising wedge, one that needs monitoring. Again $1840 is the level I’m paying close attention.

amazon

Facebook

Facebook also continues to look like the most fragile of the group, and I can make a case for a decline to about $166, perhaps even lower.  I talked more about Facebook, and all the others:  FAANG’s Not Out Of The Woods But Getting Better

facebook

JD

It looks like JD.com is closing in our target of $29.90.

jd

Micron

Micron’s stock continues to leave me baffled these last few weeks. Like I talked about in the past I re-drew the trend lines, and now it likes the stock may breaking out this time.  Unlike the “last break out” that never materialized, this time the stock bounced off two support levels around $45.25. And if it gets itself to $54 this time, then I’m afraid it may even have further to fall.

micron

Nvidia

Nvidia has made a nice comeback, as it firmly held support around $235 and is now working its way higher to the target we laid out a few weeks back around $280.  It had appear there was a risk for further downside after results, but support levels held.

nvidia

Yields

Treasury yields on the 10-year are fighting to hold the uptrend. Sorry folks, as I keep saying rates on the long-end are going lower, not higher, and it looks like 2.60 is on its way, and soon.

10-year

On August 15 I wrote The Bear’s May Be Making Their Last Stand At Breaking The Stock Market. With a new record high reach today, it looks like they have officially lost.

Great to be back!

Until Tomorrow-

-Mike

Member Services

Michael Kramer is the Founder of Mott Capital and the creator of Reading the Markets.

I started learning to invest when I was 16 years old. At 40, I have pieced together a long career on Wall Street, working as an analyst, and a domestic and international equity trader at two multi-billion dollar equity firms.

I started Mott Capital in 2014 to follow a passion and dream of being in control of my career path.

The idea behind Reading the Markets was to help both individual and institutional investors benefit from my experience in the business and my unique approach to dissecting stocks and the markets, which helped me become a great trader.

Reading the Markets is unique, in that the video does not only serve as a means to deliver the content but to interact, making it a personal learning experience, while also showing the user how I go about finding my research and how you can use the process to do your work.

I want this product not only to be profitable and enjoyable but also affordable.

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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.

#sp500 #netflix #amazon #facebook #jd #yields #micron