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October 17
Stock mentions: NVDA, UBER, INTC, GOOGL, BYND
Macro: SPY
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN GOOGL
MACRO
Stocks had a good day on October 17 rising 35 basis points, that’s the good news. But certainly not the break out I expected, I got it wrong this time. However, I have more bad news. I’m not thrilled with how the chart is setting up. The pop at the open today created an unfavorable setup, which didn’t exist this morning, the dreaded rising wedge. I talked about this today in the midday update. At this point, it something we must pay attention too and must respect. A break of the downtrend and support at 2985 would likely create that gap fill we had been looking for at the beginning of the week, causing a decline to around 2940.
Could it lead to something steeper? Perhaps. But I don’t think that is likely.
Midday Commentary- S&P 500 Doesn’t Seem To Agree With My Bullish Outlook – Stocks Discussed: AMD, BYND, DIS, NFLX, SPY, TSM, UBER – The first two weeks are free to try, then $35/month or $300/year.
STOCKS
Nvidia (NVDA)
Nvidia has failed at resistance around $198 a few times, and it looks like it wants to retest support at $188.
UBER (UBER)
UBER continues to move higher, too, and I think $35 is around the corner.
Alphabet (GOOGL)
Alphabet has very quietly moved back to within reach of its all-time highs. You have to think when this thing breaks out; it has a lot to go up.
Intel (INTC)
Intel still looks fine despite today’s pullback. I think the stock heads higher.
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Beyond Meat (BYND)
Beyond Meat fell below support at $124 and I think the door has now opened to $100. I talked about why in more detail in this free article on SA. Beyond Meat’s Plunge May Only Be Starting
Have a good day
-Mike
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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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