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STOCKS – TSLA, SHOP, PYPL
MACRO – SPY, QQQ, EWG, TLT
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- For Live Webinar On 6/18
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- A Massive Week Lies Ahead For The Stock Market
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN TSLA
It was another wild trading session overnight for the futures, which were down well over 1% at one point. The S&P 500 futures fell to around 3065, only to bounce back to 3125, and now back to 3100. The moves overnight seemed extreme, and perhaps this has to do with quad witching on Friday because other markets were not this volatile.
Today we will get continuing and initial claims at 8:30 AM.
Germany
The German DAX is interesting, just look at that chart below how the index has been halted at 12,460. The index looks as if it wants to move lower and fill that gap around 11,800.
S&P 500 (SPY)
The S&P 500 SPY is trading up slightly by ten basis points. What has become clear is that the $314 region is fierce resistance, and $311 has to hold, or there may room to fall to around $306.
For the Qs, the significant level of resistance comes at $245.
10-Year
10-year yields are starting to move lower, and this needs to be watched, there is the potential to push towards 65 basis points.
In the meantime, the NY Fed’s Weekly Economic Index is actually suggesting that economic trends that were positive are now turning lower again. This Index will update later today, should be monitored.
Tesla (TSLA)
Tesla is catching a bid today after Jefferies raised its price target on the stock to $1200 from $650. The stock has been moving higher in a trading channel, with an upside to around $1,100.
PayPal (PYPL)
PayPal saw its price target at Citi raised to $186 from $145. That is certainly not the direction I thought PayPal was headed in. For now, the stock is at the upper end of the trading range, with the potential to fall back to $156.
Shopify (SHOP)
RBC Capital raised its price target on SHOP to $1,000 from $825. Yeah, so I just don’t know about this one anymore. The stock just doesn’t go down. I guess we will find out soon if it makes a new higher, or the stock is finally beginning to trend lower.
Well, that’s it for now.
-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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