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MAY 7, 2020
STOCKS – SQ, JPM, SHOP
MACRO – SPY, QQQ
Stocks are trying to rise today with the S&P 500 ETF trading up by 1.2%. We will have to see how this day goes because we have seen this big moves up the past couple of days, only for them to fade away as the day goes on, clearly not the greatest of signs, that rallies get sold of in too day end.
The big news will come again today at 8:30 am with initial jobless claims, along with productivity and costs. Jobless claims are expected to have fallen to around 3.04 million this week. What will happen once the numbers come is unclear? The market has seen a number of big rallies following these claims in the past, so perhaps there is once again another surge.
S&P 500 (SPY)
There is a downtrend that formed in the S&P 500 ETF so we can continue to watch that and see if holds or breakdown. It is unclear at this point if it is a meaningful trend line.
Square (SQ)
Square is falling after reporting disappointing results. Despite that decline, the shares are basically in the same place they found themselves to start the week. As long as it holds on to support at $60.70, it should be fine.
Shopify (SHOP)
SHOP is getting plenty of price target increases over the past two days. Before results, I drew out a chart for a few subscribers, suggesting the stock could rise to $825. I thought it was crazy at the time. But I guess it wasn’t as crazy as I thought.
JPMorgan (JPM)
Meanwhile, we will need to continue to watch these banks stocks for any positive trends. JPMorgan fell below an uptrend yesterday, and it will be essential to see how the stock trades today.
Anyway, that’s all for today.
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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