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11.2.20
STOCKS – PYPL, SQ, NFLX
MACRO – SPY, EWG
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Stocks are rising on Monday, in a surprising turn around on what seems like no news. Even Europe is rising despite the UK locking down and much of the continent along with it. At this point, the rebound seems to be nothing more than a bounce.
Germany (EWG)
In fact, Germany is rising off of support at 11,535 but has not been able to advance beyond the upper part of the range around 11,800.
Oil
Oil was down sharply overnight, by as much 4%, but has managed to cut the decline in half, now down about 2%, trading around $34.70, and finding a bounce off of support at $34.20.
S&P 500 (SPY)
The S&P 500 futures hover around resistance at 3,300, with the potential for a clean break out to send the index back to 3,360. However, one must be careful of the Monday gap higher and a pullback to fill that gap. We will get the ISM Manufacturing report at 10 am.
Netflix (NFLX)
Netflix is rising this morning after Loop Capital raised its price target to $650 from $600. The stock has struggled to get over resistance at $495, and I think that is likely to remain the case.
PayPal (PYPL)
PayPal will report results after the close tonight. It is extremely tough to predict where stocks go around earnings. But we can see the stock has struggled recently, and the momentum has been fading fast. Perhaps it rebounds some, with resistance at $205. However, I think the stock continues to trend lower towards $172.
Square (SQ)
Square will report results later this week too, and the stock has fallen below a key uptrend and is holding on to support at $149. It will need to hold that level into results if hopes to mount a rebound.
Unfortunately, that is all I have on a quiet Monday morning.
-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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