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APRIL 7, 2020
Stocks – DIS, SBUX, NVDA, ZM
Marco – SPY
Mike’s Reading The Markets Premium Content $35/Month or $300/Year
- Finishing Phase 2, Entering Phase 3?
- Stocks Are Testing Big Resistance Levels
- Stocks Set To Rally, But Options Still Betting It Doesn’t Last
- Stocks Reach Critical Levels
- Stocks Are Jumping, Lots Of Bearish Options Betting
- Earnings Decline, Still Have Further To Fall- For The Week Of April 6
- The Next Live Webinar Will Be April 16 At 9 PM ET
- Unemployment Rate Understated, As Economy Weakens Materially
Take’em Up Tuesday became Turn Around Tuesday pretty quickly. I think the S&P 500 rose to around 2,760 and finished at 2,660, a nice intraday 3.5% plunge. Again, these rallies as sharp as they maybe can not be trusted. I don’t see any other way to put it. These are short-term rallies, in a longer-term downtrend.
With earnings estimates likely only heading lower, the S&P 500 is getting somewhat expensive at current levels. I don’t see how the current earnings picture will continue to support the S&P 500 at its current level. Premium content – Stocks Set To Rally, But Options Still Betting It Doesn’t Last
S&P 500 (SPY)
The index rose right to downtrend at 2,760, in what appears to now be a giant broadening wedge pattern with my short-term target of roughly 2,500. Premium Content – Finishing Phase 2, Entering Phase 3?
Disney (DIS)
Disney looks like it may have doubled topped on the intraday chart and that likely means it is heading back to the lows around $78. Disney’s business is getting hit from every angle currently from the virus.
Nvidia (NVDA)
Nvidia reversed lower, and now it looks like it can move to that gap around $245.
Starbucks (SBUX)
Starbucks has a similar pattern, and I think it results in a similar outcome with a drop towards $60.
Zoom (ZM)
Zoom is getting closer to $105; maybe it gets there tomorrow.
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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