Home » Amazon’s Stock Nears Big Break Out, While Micron’s Stock Gets Crushed

Amazon's Stock Nears Big Break Out, While Micron's Stock Gets Crushed

Amazon’s Stock Nears Big Break Out, While Micron’s Stock Gets Crushed



Amazon’s Stock Nears Big Break Out, While Micron’s Stock Gets Crushed

© 2018 Mott Capital Management, LLC.  Use, publication or reproduction in any media prohibited without the permission of the copyright holder.

Join our 901 Daily Subscribers And Get This FREE Commentary In Your E-Mail! 

michael kramer and the clients of mott capital own shares of googl

Stocks continue to churn, with the S&P 500 down about 70 bps today, giving up some the gains from yesterday. But as we noted yesterday, there is a clear rotation going on in the marketplace, because today’s best sectors were Technology and Biotech, while Industrials and Financials struggled. Staples were lower today, and I think this more of a reflection of the imposed tariffs put in place, the likelihood of retaliation from other countries, and the potential impacts on sales and expenses.

Mott Capital Management, Michael Kramer

Mott Capital’s Reading The Markets

An In-depth Global Macro Premium Stock Market Commentary

In Video Format- See How Michael Dissects The Markets

Premium Subscription Based Membership

Just $200 Per Year – Get Your Free 2 Week Trial

Tectonic Shifts In The Stock Market

Biotech

Biotechs continue to advance with the biotech ETF XBI increased to roughly $95.60,  about $2 beneath its all-time. Amazing. It wasn’t so long ago that the ETF was sitting at $85

biotech chart

Advertisements

Technology

The technology group is also moving higher, and I decided to redraw the pattern in the chart of the ETF XLK.  It is still a bullish pattern, and I still think the sector continues to rally higher.

technology stocks


Alphabet

Alphabet was one the stocks that jumped today, with shares up almost 3 percent. I think the stock still has further to rise, maybe towards $1,125. A rise above $1,125 would be a significant development and substantial positive for the stock going forward.

alpahebt

Advertisements

Amazon

Amazon is breaking out, and I do think it likely has substantial room to rise ahead on towards $1850.

amazon


Gilead

Gilead shares also look as though they are consolidating nicely, and it appears to have a flag pattern. It could help share rise towards $72.

gilead


Micron

Micron shares got crushed today after Morgan Stanley downgraded the shares, to equal weight. I didn’t have access to the actual note, but the write-up I read makes the call sound wishy-washy and feels like a downgrade because the stock got to the analyst price target, and the analyst doesn’t feel comfortable raising the price target. That is my take away.

Regardless, shares got hammered because that is what high beta stocks do. But the stock did stop falling around $57.50, which is a positive. The chart doesn’t look too damaged, but that doesn’t mean the selling is done either. The chart is not easy to read at this point, with gaps galore.  It would seem there is explicit support at $54, and unfortunately, $61.50 will now act as resistance.

The thing that can happen, two weeks of sideways trading to consolidate.

micron

That is it! Tomorrow we move into June. Time goes so fast, doesn’t it?


Advertisements

Just $200 Per Year – Get Your Free 2 Week Trial

Recent Videos:

Tectonic Shifts In The Stock Market

Oil Down, Yields Down, Dollar Up

Be Careful With Oil, Netflix Breakout

More Positive Signs Develop, Plus Sub Mailbag

The Setup In Stocks Continues To Improve

Getting Long Apple

A Rise Back To 2,800 On The S&P Is In The Works

Free Articles Written By Mike:

AMD’s Breakout Seen Boosting Stock 13%

Why Amazon’s Stock Is Poised to Rise 14%

Intel’s Soaring Stock Is Due for a 10% Pullback

Why Big Bank Stocks Face More Steep Declines

Facebook Options Traders Bet Stock Will Rise to Record

Join our 901 Daily Subscribers And Get This Commentary In Your E-Mail! Subscribe

Photo credit via Flickr

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.

© 2018 Mott Capital Management, LLC.  Use, publication or reproduction in any media prohibited without the permission of the copyright holder.

Tags: #sp500 #biotech #technology #micron #amazon #gilead #alphabet #staples