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June 26 – Stock Mentions SPY, IWM, MU, NVDA, FB, QCOM, ROKU
Michael Kramer owns IWM Calls
Stocks had a strange day. The morning surge vanished by mid-day when investors realized that the 90% thing with China was nothing new. Anyway, from a technical standpoint, it appeared as if it might have only been a gap fill from the morning jump.
S&P 500 (SPY)
The good news is that support for the index held at 2,915. The bad news is there now an obvious downtrend in place. It has also created what appears to be a weak falling wedge. Usually, that is a bullish reversal pattern, but I worry with the giant gap at 2,895 this time it won’t be. We find out tomorrow.
Russell 2000 (IWM)
There is a similar pattern that has formed in the Russell index as well.
Micron (MU)
Micron was a big winner today, with the stock clearing resistance at $36.40. It opens the door for a rise to $38.70.
Qualcomm (QCOM)
Qualcomm keeps plowing ahead and is moving on towards $76.60. Believe it or not could go even higher, to maybe $82 depending on what happens at $76.60.
Nvidia (NVDA)
Nvidia is nearing a big break out that could send the stock back to $178. Nvidia’s Stock Is On The Verge Of A Big Run Higher
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[youtube-feed feed=7]Roku (ROKU)
Roku tried but failed to get over resistance at $94, not a good sign.
Facebook (FB)
Facebook failed at $194.50 now two occasions, and a significant uptrend is now coming into play. A drop below the uptrend sends the stock lower to the first gap at $180.
off to swimming lessons for my kids
-Mike
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Charts used with the permission of Bloomberg Finance L.P. 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.