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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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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.
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.
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
JD
It looks like JD.com is closing in our target of $29.90.
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.
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[youtube-feed feed=7]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.
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.
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.
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#sp500 #netflix #amazon #facebook #jd #yields #micron
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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.