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JUNE 1, 2020
STOCKS – FB, MSFT, MU, PFE
Macro – SPY, COPPER, DOLLAR
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN MSFT
MIKE’S READING THE MARKET PREMIUM CONTENT $35/MONTH OR $300/YR–
- MANY KEY EVENTS THIS WEEK
- Dealers Still Supporting The Market
- A Busy Next Week Starts Today
- Thinking About Where Stocks Go Next
- Nearing A Major Turning Point -Midday
- Options Bet Indicate Apple May Drop Soon
S&P 500 (SPY)
Stocks futures have been volatile, with the S&P 500 trading as low 3009 and trading as high as 3050. The broker-dealers are still very much controlling the trading range we spoke about Friday. So for now, there isn’t much of anything new to say, with 3050 remaining resistance and 3000 remaining support for now. But that is likely to change today, once we get the ISM manufacturing data at 10 am.
I have no idea if this data will be good or bad or what it will say, so it is impossible to know which way the market will break. But the trends, for now, have been higher, and that is hard to fight until proven otherwise.
Copper
Copper prices are moving slightly lower today, and remember that copper and the NASDAQ 100 have been highly correlated the past few weeks.
Dollar Index (DXY)
The dollar index is also moving lower today, and it is starting to show some signs of weakness.
Micron (MU)
Micron hasn’t performed particularly well since upping its guidance for the quarter. $49.80 is the critical level. If the stock keeps failing at that price, it likely means that the good news won’t be enough to lift shares. If you are a bull you need to see Micron move higher.
Pfizer (PFE)
Pfizer is moving sharply lower following after reporting some disappointing cancer data. The stock held support at $34.90. That’s important, but $37 is likely to serve as resistance.
Microsoft (MSFT)
Microsoft is still hugging the uptrend, and either the stock is going to breakdown or breakout soon. If the stock continues to hold on to that uptrend, then there is a good chance that the stock is forming an ascending triangle. We will find out one or another over the coming week.
Facebook (FB)
Facebook has moved back into the trading channel over the past few sessions. Again, if you are bull, you need Facebook to continue to push higher in this channel. A break below the lower channel band would not be positive.
That’s all for today.
-mike
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 results.
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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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