Subscribe to receive this FREE daily commentary directly in your email
Michael Kramer and the clients of Mott Capital own Apple and Skyworks
Stocks had a dull day, with the S&P 500 finishing flat. The dullness is a welcomed sign and far better than the days with the steep pullback. The days of sideways consolidation are fine with me; they are much easier to tolerate and makes for going to the gym mid-day much more enjoyable. It is ok, the sharp rise higher likely happens tomorrow, April 9, but first more on the bogus recession narrative.
GDP Growth
The Atlanta Fed GDPNow revised its first quarter reading to +2.3% versus the earlier reading of 2.1%. If this pace continues the GDP growth in 1Q this year will be stronger than the first quarter of last year. Yeah, it is true, it was 2% last year. So much for that recession story.
What’s the saying? You can lead a bear to better economic data, but you can’t make them believe it? I think I just made that up. Anyway.
S&P 500 (SPY)
Whatever, the case the S&P 500 is creating another bullish triangle, which means it is about to go on to its next leg higher, taking the index up to around 2,915.
Technology (XLK)
The XLK technology ETF is also nearing a breakout, which would take the ETF to a record high. Apple (AAPL)
Apple keeps going. It is now knocking on the door of $200, and it seems determined to get $209. That would be the next level of resistance for the stock.
Amazon (AMZN)
Amazon is very close to a break out should it get over $1850. The next major level of resistance is at $1900.
Freeport (FCX)
Freeport McMoran is knocking on the door of a breakout, testing resistance at $13.80. The next significant level comes at $14.90.
Nvidia (NVDA)
Nvidia keeps creeping its way closer and closer to $200.
Unlock Deeper Insights with Exclusive Member-Only Video Content on The Market Chronicles YouTube Channel – Just $34.99/Month
[youtube-feed feed=7]Qualcomm (QCOM)
Qualcomm is getting to that point where it is needs to breakout or is going to make me look stupid as it falls.
Skyworks (SWKS)
Even Skyworks has come back to life and could be on its way to around $93.70.
Boeing (BA)
Finally, you have to be impressed by how Boeing continues to hold this $370 region. I thought the stock could fill the gap up to $420, and as long as $370 continues to hold, I think that $420 will be on the way.
Enjoy!
-Mike
Mott Capital Management, LLCÂ 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.
Subscribe to receive this FREE daily commentary directly in your email
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.