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Did Nvidia, Micron, And AMD Just Turn For The Better? Not So Fast
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Chips stock managed to finally rally, with the Semiconductor ETF ($SOXX) rising by over 2 percent. Even battered stocks Nvidia ($NVDA), Micron ($MU), AMD ($AMD) and Skyworks ($SWKS) managed to rally. Although the rally was nice, it is a development that will need to be continuously montiored because none of the stocks are entirely out of the woods just yet.
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Nvidia
As noted over the weekend, Nvidia may have put in that double bottom, we were wondering about. But shares will need to rise above $201, to confirm a potential breakout.
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AMD
As noted over the weekend as well, I have struggled with getting AMD right for some time, and today proved again just how off I have been. Share rallied hard today, and significant enough to break through not one, but two levels of resistance. Still, observe this one, the next level of resistance comes around $11.50.
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Micron
Micron reports results tomorrow after the close, and nothing could be more significant for this company, with guidance being essential. It may be too early to draw in a trend line, but there is the making of an uptrend. Continue to watch and pay attention to that guidance and margins.
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Skyworks
Skyworks shares have found support once again around $94.5, and shares had a nice bounce today. The RSI suggests shares are oversold. But still, it may be too soon to call the bottom.
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Financials and Utilities
Financials performed the best today, up by over 1 percent, while Utilities again fell. The market is sending a pretty clear signal here, it sees a higher interest rate environment coming, and that is positive for banks, and bad for Utilities. Utilities have higher yields, and when rates rise, stocks prices for high dividend stocks fall to adjust for yields. That is what is happening here.
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Rates
Over the past week the Utilities ETF, XLU has fallen by over 3 percent, underperforming a bunch of sectors.
Rates on the longer-end of the curve could be set for a breakout as well.
Night
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Michael Kramer and the Clients of Mott Capital own shares of $SWKS
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Tags: #Nvidia #amd #micron #skyworks #financials
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Charts used with the permission of Bloomberg Finance L.P. 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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