Roku and Tesla Stocks Plunge on April 4, Are More Losses On The Way?

Roku and Tesla Stocks Plunge on April 4, Are More Losses On The Way?

Subscribe to receive this FREE daily commentary directly in your email

Michael Kramer and the clients of Mott own Tesla

S&P 500 (SPY)

It was a slow start to the day, but stocks managed to piece together a solid day rising by about 20 basis point closing out around 2,880. Where the market goes from here over the short-term will largely be dictated by the results of the Jobs data tomorrow. Estimates are for job creation of 170,000. Also, it will be essential to watch the revision for February, which came in at just 20,000. Another lousy reading on the jobs report will likely freak out investors on concerns of a weakening economy.

S&P 500

Technology (XLK)

Technology stocks were noticeably weaker with the XLK falling by about 50bps. The ETF is struggling a bit at a resistance level around $76.25. The struggles are not surprising; the ETF is knocking on the door of an all-time high.

technology etf

Tesla (TSLA)

Tesla shares fell sharply today after the disappointing delivery numbers. The stock pretty much held firm where it should around $261. This has been a big level of support for some time, and expect that to continue. I talked more about the results in my a video today. Tesla’s Big Let Down

tesla, tsla

Roku (ROKU)

Roku fell sharply after the downgrade I noted this morning. The shares fell through support at $64, to the uptrend at around $62.50. The good news is that the stock held that uptrend and bounced. As long as the stock stays above the uptrend, it has the potential to rise back to about $70. Should the stock break below $62.50 it could drop to around $59.

roku

Square (SQ)

I had thought Square was breaking out yesterday. I was wrong. Geez. Your guess is as good as mine. We’ll have to see what happens tomorrow to get a better handle.

square

Boeing (BA)

Boeing continues to climb, and it seems now the stock has a good chance of filling the gap at $420.

Boeing, ba

Unlock Deeper Insights with Exclusive Member-Only Video Content on The Market Chronicles YouTube Channel – Just $34.99/Month

Strong JOLTS Report Sends Inflation Expectations Higher

December 3, 2024 1:24 PM

Low Realized Vol Has Trapped The Stock Market

December 2, 2024 2:00 PM

Alibaba (BABA)

Alibaba was up today, and as I noted yesterday, I think this one is heading higher. The stock has a reasonable shot of making to around $200.

alibaba

Citigroup (C)

Citigroup is butting up against resistance at $66, what now? From the looks of things, there is a good chance of its breaking out and rising to around $70.

citigroup, c

Johnson and Johnson (JNJ)

Johnson and Johnson fell below support today at $136 and could be on its way to $131.

jnj

Back tomorrow.

Mike

Photo From Flickr

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.

Add your email to The Market Chronicles' growing list of daily readers. A FREE market commentary on the trading day's most critical and least apparent events!

Add your email to The Market Chronicles' growing list of daily readers. A FREE market commentary on the trading day's most critical and least apparent events!