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Intel, AMD, Square, Acadia, & Facebook: Breaking Down or Breaking Out?
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN ACAD
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Intel (INTC)
I got a few questions today about Intel and the technical chart so we can start with that. The main issue on everyone mind is the break out busted? The answer: I do not think so. First, we can see the stock fell to below the supportive downtrend, but the stock stayed around the trend for most of the day. Second, the shares stopped falling around $45,90, which turns out upon closer review to be a support level in itself.
So this is how it goes. If Intel is unable to rebound tomorrow and falls further, then I have to say yes, the break out may have failed. If Intel should rise, then I would say the break out is still alive and well.
Yeah, some will laugh and say some call, but honestly, that is just how it happens sometimes.
AMD
Let’s move on to the second most talked about stock, AMD. So I laid out a cautionary note in yesterday updated posted, that I’d like to see a follow through for AMD from yesterday afternoon surge. It appeared for most of the morning the stock had broken out, but by days end the story had changed. What is interesting is that the shares ran as high as the green uptrend, only to fail and then drift lower, finding support around $32.30. So again, I’m cautious on this one, until proven otherwise.
Square (SQ)
Square got a massive price target boost today from Nomura and announced it was going into payroll, and the stock exploded higher, breaking out in a big way. That is how it goes sometimes. I wish I knew how high it goes from here, but I don’t at this point. I haven’t had time to think about it. But the stock surely isn’t cheap. But valuation does not seem to matter in this.
Facebook (FB)
Facebook is still struggling and the price action isn’t that encouraging. There must be a giant seller hanging around the $164 to $166 level because every time stock gets to that price it just stops rising. I’m not sure if the buyers are brave enough to let it try to come in, on the fear of missing it. But until it rises above $166 the trend is still lower.
Acadia (ACAD)
Acadia continues to move higher, up another 8% today. The stock is close to technical resistance at $21.50. If it can manage to stay around that level, I think it can move to around $22.60
Boeing (BA)
Boeing still hasn’t broken out, and it is pretty amazing to me that it can’t.
Rates
Yields on the 10-year are so close to a pretty big break out!
China
China has already broken out of its downtrend.
Good Luck tomorrow!
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Michael Kramer is the Founder of Mott Capital and the creator of Reading the Markets.
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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.
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