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Amazon, AMD, Roku, and Facebook Are Facing Steeper Losses
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN SHARES OF DIS AND CELG
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Amazon (AMZN)
Lots of things happening today in stocks. Consumer names got hit rather hard with the discretionary ETF down by nearly 1.35%. A lot of that decline was Amazon. Yesterday I talked about the stock failing at two levels of resistance and that today would be an important day. Well, the shares fell hard today by about 1.5% to around a price of $1,970. At the moment the next level of support comes around $1900 then it is $1840.
The long-term worry is whether or not there is a making of double top pattern in the chart. It is way to early to say. But should the price fall below $1840 then that is very well might be that.
Reading the Market Premium Content:
Banks May Be Ready To Fall Further
Intel (INTC)
Look at Intel, it broke out today rising above $47.70, but then it failed at $49. By the way, the resistance line at $49 is new; I just put it there today. I had not considered it be a strong level of resistance, but it is stronger than I thought. Overall the stock has broken out of this falling wedge, and I think it still has much further to rise.
AMD
AMD got crushed today. Look I’m thrilled that I got the call right. I’m not happy that investors are losing money. But I think the stock has further to fall, to perhaps $25.70. This stock is overvalued, and I think the news from Intel over the past few days has reminded people that Intel isn’t going away.
Roku (ROKU)
Roku is another stock that got crushed today, and I think this one can drop to roughly $64.25.
Celgene (CELG)
Celgene had a nice move higher today, and the chart continues to look strong. As noted early it seems as if Celgene’s stock can work its way higher towards $96. Interestingly there were about 3,500 Oct 5 $90 calls trading today.
Disney (DIS)
Disney is attempting to break out for a second time with shares rising to over $117.50. It feels like this stock is starting to turn the corner and I think we will see record highs soon.
Facebook (FB)
So much for Facebook’s break out last week. This stock is once again on the brink of going to its 2018 lows around $148.75. There is nothing to like about this stock currently. Nothing.
That will be all for today!
-Mike
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Michael Kramer is the Founder of Mott Capital and the creator of Reading the Markets.
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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.
AMZN, INTC, ROKU, AMD, CELG, DIS, FB
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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.
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