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September 15, 2020
STOCKS – AAPL, CVX, XOM
Macro – SPY, QQQ, XLF
Mike’s Reading The Markets (RTM) Premium Content – NOW WITH A 2 WEEK FREE TRIAL
- Exxon Mobil May Fall Another 17%
- Critical Resistance – Audio/Transcript
- Stocks Hovering Below Important Levels
- Stocks Rise Looking For Trends
- My Portfolio Breakdown -Entry Spots
- When Adjusting For Growth The S&P 500 Is It Most Expensive In 40 Years
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN AAPL
Stocks were mostly higher today, with the S&P 500 rising about 50 bps, and the Nasdaq 100 rising by 1.4%. Despite the strength, markets were unable to advance beyond some significant levels of resistance that were needed to extend the gains. Instead, the indexes failed at those levels and reversed lower.
NASDAQ 100 (QQQ)
The Q’s increased to the April trend line but were unable to retake that uptrend. Instead, they turned lower. It is the second time the Qs have tried to move above the trend line in recent days. It suggests that the trend line may permanently be broken, and an indication that the broader direction of the market has likely seen a momentum shift.
S&P 500 (SPY)
Meanwhile, the S&P 500 gave up a significant portion of its gains after failing to push past resistance at 3,425.
Financials (XLF)
The financials had a horrible day with the XLF dropping over 1%. Some negative commentary out of an industry conference from the big banks sent the group lower. The XLF has been struggling and has been moving sideways outside of the wedge, and it appears more and more likely the next move here is lower.
Apple (AAPL)
The move lower started today, around the time that Apple concluded its big event. Overall, not too exciting and nothing that wasn’t expected. I’m not sure if investors were holding out hope of a new iPhone, but they didn’t get it. Once the event was over, the stock and the market started its drift lower. The stock has been struggling to advance past the $115.70 level.
Exxon Mobil (XOM)
Exxon Mobil has been crushed in recent weeks, and I think it likely has further to fall. Layer that in with some bearish bets, and it could be a recipe for a further decline, with the chance to fall to $31. (Premium content – Exxon Mobil May Fall Another 17%)
Chevron (CVX)
Chevron looks just as bad as Exxon with the potential for CVX to fall to $67.
Anyway, have a great day.
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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