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