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May 3, 2021
STOCKS – AMZN, MU, AMD, FCX
MACRO – SPY, QQQ
Mike’s Reading The Markets (RTM) Premium Content – FREE 2-WEEK TRIAL
- RTM MIDDAY- GROWTH CONTINUES TO GET HAMMERED
- RTM MORNING – BIG DAY FOR RATES
- RTM TWA- Yields Are Ready To Wreck Havoc
- 1Q’21 Thematic Growth Portfolio Update
- RTM MIDDAY – THE RALLY, MAY BE FINISHED
- Live Webcast Tomorrow At 1PM
- RTM Morning Note – Yields Are Rising, Watching Apple And Facebook
- Post-FOMC Thoughts
- RTM Midday- Maybe The Worst Of Both Worlds?
Stocks finished the day, mostly mixed with the growth to value trade back on. The S&P 500 finished the day higher by around 25 bps, while the NASDAQ 100 finished the day lower by 50 bps.
S&P 500 (SPY)
The S&P 500 did start the day jumping to around 4,210 and filling the gap created on Friday morning. With the uptrend broken and confirmed, we should start to see a move lower from here. The key level will be at 4,180; once that breaks, there could be quite a distance to fall.
Nasdaq (QQQ)
The Qs appear to be worse off than the S&P 500, while the ETF approaches a significant level of support at $334. A break of support at $334 would trigger a further drop, as it would confirm a short-term double top.
Amazon (AMZN)
Amazon was down another 2.7% today, despite reporting robust results last week. I guess someone had a good call on Amazon. I think it is likely to find some support around the $3360 level.
Micron (MU)
Micron fell today and is very close to falling below support and the uptrend around $85.50. If that happens, it is likely to head towards $74. The RSI suggests that support breaks and the decline continues.
AMD (AMD)
It looks like the breakout in AMD ahead of earnings was a head fake, with a move back to $73 probably on the way.
Freeport (FCX)
Meanwhile, with copper continuing to rise, Freeport should likely continue to rise with it. The next level of resistance is likely at $43, last seen in the fall of 2012.
-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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