Home » Banks, Intel, Micron, Square, Twitter, P&G – The Daily Rundown for June 8

Banks, Intel, Micron, Square, Twitter, P&G - The Daily Rundown for June 8

Banks, Intel, Micron, Square, Twitter, P&G – The Daily Rundown for June 8

Subscribe to The Free Market Chronicle and join the 2,717 subscribers getting it for FREE!

[widget id=”text-23″]

[widget id=”text-28″]

Banks, Intel, Micron, Square, Twitter, P&G

[widget id=”text-19″]

Well, it was another positive day for stocks, with the S&P 500 rising another 30 bps, and closing the week at 2,779. We are now less than 1 percent away from 2,800, and it doesn’t get better than that!

It wasn’t technology or biotech’s turn to lead the market higher, but this time financials and discretionary stocks. Next week will be a do or die for the banks; I’ll show you why.

[widget id=”text-22″]


The chart below is for the Financial ETF, XLF.

You see that red line? That is your downtrend. See that blue line; it WAS the uptrend!. That yellow dotted line; that is support. The downtrend is now acting as a significant resistance level, and if the ETF price climbs above that red line, then that is good news and shares breakout, rising higher. Should the stock fall when reaching that downtrend, that is bad, suggesting shares are heading lower, towards the support line at towards $26.90.


But the more significant problem is that if ETF does not break out, and rise above the downtrend line than it also confirms the more prominent bearish pattern, called a descending triangle. It means the ETF is heading lower than just $26.90, and that is bad news of the sector.


Intel did fall out below the rising wedge pattern in the chart, and that is a bad sign. But let’s see what happens come Monday, and give it one more day. I can tell you that if it continues to head lower Monday that  is likely to fall towards $51



Look at Micron go; it closed the day right at resistance around $61.40. Is it going up more? Well, it is trying, and getting back to resistance is a good first step. The reason I can’t tell for sure is that it is also filling a gap from the day of that significant Morgan Stanley downgrade.


[widget id=”wordads_sidebar_widget-41″]


Look at Square, it can’t get back above resistance at around $62.

What is with all these tough calls today! Gee, it’s Friday!

But still, between Square and Twitter, Jack Dorsey is having an impressive year.



It was in March that Twitter nearly broke out, and I thought a monster break out was near, should it have risen above $36.50.  Well,  the stock never broke out, and then languished, but it did the other day, and now it’s over $41.  You have to watch these things.

It takes guts to say this, but it may be heading to $46!



Have you seen Procter and Gamble! this thing is back to $77.25!


That’s it!


[widget id=”text-23″]

Join our 2,717 Daily Subscribers And Get This FREE Commentary In Your E-Mail! 

[widget id=”wordads_sidebar_widget-41″]

Recent Articles By Mike:

FedEx Stock May Soar to New Heights

Why AMD’s Overbought Shares Will Fall Further

Gilead’s Hot Stock May Cool Fast

Micron Faces 14% Stock Swing Amid Rosy Forecasts

Tesla: Shorts’ Bets Are Going From Bad to Worse

Square’s Overbought Shares May Plunge in Short Term

3 Consumer Stocks on Verge of Steep Declines

Technology Stocks Are Primed To Go Higher (paywall member area)

Salesforce Seen Soaring Higher on Explosive Growth

3 Chip Stocks Posting Big Rebounds

Visa’s Breakout Seen Boosting Stock 9% in Short Term

Why Broadcom’s Stock Is Poised For Bigger Gains

Tech Stocks Seen Rising to New Record Highs

Twitter’s Stock Seen Rising 14%

Tectonic Shifts In The Stock Market (paywall member area)

[widget id=”text-19″]


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. 

#twitter #square #micron #intel #banks #PG