Subscribe to receive this FREE daily commentary directly in your email
September 9, 2020
STOCKS – TSLA, ROKU, SBUX
Macro – QQQ, SPY
Mike’s Reading The Markets (RTM) Premium Content – NOW WITH A 2 WEEK FREE TRIAL
- My Portfolio Breakdown -Entry Spots
- Afternoon Sell-Off? Midday
- Watching For The Gap Higher And Move Lower
- Stocks Teetering At Key Levels
- When Adjusting For Growth The S&P 500 Is It Most Expensive In 40 Years
- Market Getting Slammed
- For The Week Of September 8, Plus New Theme Tracker
- This Pullback May Be Different
- We Will Find Out Fast What Happens Next
- A Drop To 2860 On The S&P 500 Is A Real Possibility
- AMD May Fall 11% More
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN TSLA
MICHAEL KRAMER HAS QQQ PUTS
If you are bear, you probably couldn’t have drawn up a better outcome today. The S&P 500 gapped higher and traded up all day, pushing to the 3,425, and filling the gap. The bulls tried two times to break the S&P 500 higher but failed. It resulted in a bone-crushing 80 bps point drop in the final 35 minutes of trading.
More importantly, I think this sets up a drop to 3,340, and at the very least, a retest of yesterday’s lows. It was not the type of close you want to see as a bull.
Also, tomorrow we will get the ECB monetary policy announcement, which may or may not help stocks overall.
The outcome for the Qs was not much better; on two occasions, they tried to break the ETF higher but failed. It sets up a potential drop back to $270 tomorrow.
We are just not seeing the call volume return to the market like we saw in previous weeks; it has been steadily declining in recent days.
Meanwhile, put volume fell some today but remains elevated compared to prior weeks.
Tesla (TSLA)
Tesla had an intense day rising by 10%, and managed to climb right back to resistance around $370. That’s the significant level if it can’t get above that level tomorrow, then today is for not, with a drop back to $330 on the way.
Starbucks (SBUX)
Starbucks has a descending triangle pattern to it, and a big gap to fill around $78.50.
Roku (ROKU)
Roku had a lovely day, but I don’t think it sticks, probably falls back to $150.
That’s all for today.
Mike
Mott Capital Management, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Past performance is not indicative of future results.
Subscribe to receive this FREE daily commentary directly in your email
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.
Columbus Day Pause Highlights Volatility Mechanics
Mott Capital's Market Chronicles 13 hours ago