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August 2 – Stock mentions: MU, SQ, NVDA, AMZN, TSLA
Michael Kramer and the clients of Mott Capital own TSLA
US Markets
- S&P 500 Futures -7 points
- US 10-Year 1.84%
- VIX 17.75
- Dollar Index 98.27
- Oil $55.25
International Markets
- Shanghai -1.4%
- HK -2.35%
- Nikkei -2.11%
- KOSPI -0.95%
- DAX -2.3%
- FTSE -1.69%
Job Report at 8:30 AM Consensus +151,000
South Korea KOSPI
The South Korea KOSPI is now trading at nearly its lowest level since December and January. We will need to monitor more closely.
S&P 500 (SPY)
Let’s not forget it is a summer Friday, and that means that volumes can get thin this afternoon, and we could see extra volatility due to this. Additionally, I can’t imagine that some traders will want to be long this weekend. There are plenty of reasons for the market not to rise today. Just keep this in mind.
The S&P 500 futures are trading around support of 2,940 on August 2, and it’s looking more and more as if the broader index could be heading towards 2,900.
Micron (MU)
Micron is moving closer to breaking down on August 2, now trading around $42. A drop below $42 pushes shares lower towards $39.55
Square (SQ)
Square is dropping below $75 and is now at risk of falling to around $69.90.
Tesla (TSLA)
Tesla is in the crosshairs today, as a big a part of their growth story is tied to China. Support is at $225, and a drop below that price can push TLSA shares lower towards $205.
Amazon (AMZN)
Amazon is breaking below support at $1850 and setting for up a drop to $1,800.
Nvidia (NVDA)
Nvidia is breaking down, with support at $160 and the potential to fall to around $150.
Good Luck today.
-Mike
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 results. August 2
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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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