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.
Otherwise, enjoy the column!
Subscribe to the Monster Stock Market Commentary and join the 1,856 subscribers getting it for FREE every day!
Apple Now Showing Weakness, While Skyworks and Broadcom Fall
Apple’s stock is starting to trade poorly, and I get the feeling it isn’t done going down over the short-term. There is support currently around $168, but after that, we are looking at $165. It is what happens after that, which is the big problem.
But should Apple fall below $165, it is likely headed back to the $150’s, with the potential for more. That red line is a significant uptrend, and should it break that uptrend; problems may lie ahead. But let’s worry about that if it should continue to move closer.
The suppliers continue to trade terribly, and for Skyworks, the market seems intent on retesting the previous lows around $94. Should $94 not hold, well then it looks like we shall be heading towards $82, filling the gap created nearly a year ago.
I have been trying hard to pretend like that gap didn’t exist, or that it would never come back into play. But should Skyworks fail at $94, that is where it is going.
Even Broadcom has now cracked, and is showing signs of weakeness, and has the potential to move back into the mid $220’s.
The rumor mill was at again, but this time instead of Apple falling victim, it was Tesla’s turn. Shares of Tesla fell after CNBC reported that the Model 3 could see further production delays and quality issues. Shares of the stock took a hit when the news started spreading, going from roughly flat to down about $10.
But then after hours, it was reported that Tesla is on pace with current Model 3 projections. So who is right and who is wrong? No clue. But it moved the stock and that all that matters. But again another example of rumors, and how they are starting to get a bit out of control.
Mott Capital’s Reading The Markets – An In-depth Global Macro Stock Market Commentary – In Video Format – See How Michael Dissects The Markets
Free Articles Written By Mike:
We offer daily market commentaries sent directly to your inbox or follow us on Twitter.
Join our 1,856 Daily Subscribers And Get This Commentary In Your E-Mail! Subscribe
[vc_tweetmeme type=”follow” follow_user=”michaelmottcm” show_followers_count=”true” large_button=”true”]
Michael Kramer and the clients of Mott Capital own shares of SWKS, TSLA
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.
© 2017 Mott Capital Management, LLC. Use, publication or reproduction in any media prohibited without the permission of the copyright holder.
Tags: #apple #suppliers #skyworks #broadcom