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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Amazon, Netflix, Nvidia, Micron, FireEye, Oh My!
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN NFLX
Stocks have been stagnating the last couple of days, just like the New York City air. It is the middle of August, its beyond hot, earnings are over, and people go on vacation to colder places. The good news is the S&P 500 has surpassed the giant gap created at the end of January, and now there is a substantial support level in place around 2,850, to work higher from.
The producer price index was flat in the month of July, and that was below expectations. Again, our real-time inflation gauge – oil- continues to tell us inflation rates are likely going lower, not higher. The next level in oil I am watching for is $64. I go through a whole 10-minute discussion on the inflation outlook, and what it means for rates and stocks in today’s member video.
Inflation Runs Rampant Only In Fantasyland, And That Is Good For Stocks- Yes I tend to have a little more fun in the member video’s then writing because getting my jokes aren’t easy when I write.
Amazon keeps going. I told you yesterday it broke out, and my target is now 2,020. It could get there next week at this rate. I’m not even sure how the market is valuing Amazon anymore, or if they are valuing Amazon anymore. Its market cap is now nearly $925 billion. Amazing.
Netflix is trying hard to get over $357. The stock did break free of its downtrend, so I think it does rise back and fill the gap at $398. I wrote a piece on Investopedia this morning talking about that.
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Of course, I wrote yesterday, Micron is breaking out, and then Morgan Stanley comes out and downgrades the whole chip space. Really? Come on. The good news, Micron’s uptrend still isn’t broken. That means we live to fight another day.
A StockTwits follower asked me about Nvidia, and I must say the stock has been so dull lately, what happened to it? The good news, it is close to a breakout, and with earnings next week, I think there is a good chance it does. The chart showing a bullish continuation pattern, a rising triangle. I still think it can get to about $282.
The chart on FireEye looks pretty bullish to me.
That is all for today.
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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 #AMAZON #inflation #oil #micron #nvidia #fireeye #netflix