Sector Rotation Sends Technology Stocks Lower and Banks Higher

This column is my opinion and expresses my views. Those views can change at a moments notice when the market changes. I am not right all the time and I do not expect to be. I disclose all my positions clearly listed on the page, and I do not trade my account on the stocks spoken of in this column unless fully disclosed. If that does not work for you stop reading and close the page. Do not bother me or harass me.

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September 9- Stock mentions: SPY, IWM, ROKU, FCX, LULU, AAPL, NXPI

Michael Kramer and the clients of Mott Capital own AAPL and NXPI

It was a rather dull day with the S&P 500 finishing the day flat. However, underneath the surface, there was some sector rotation that was taking place. It sent the financial and energy stocks higher, and technology lower.

Based on the movement in yield and oil, the rotation seems rational and somewhat logical. The big question is if it will last? That part I’m not sure at this point. One day doesn’t make a trend, but I do not happen to think that oil and yields can continue to rise a bit more. I show you in my video more, sorry it is easy to show than to explain.  Premium content: Sector Rotation Driving Markets Today

S&P 500 (SPY)

The good news is that the index is holding support around 2975. Nothing in my outlook has changed.

S&P 500, spy

Russell (IWM)

The Russell had a great day, rising by over 1% today, and is attempting to clear resistance at 1,521. I think that is positive and that 1,536 is likely next.

Russell, rut

Roku (ROKU)

Is the Roku bubble popping? It certainly seems possible. The stock’s valuation makes Netflix look cheap. But at this point, you can see that the uptrend is still intact. However, should the stock drop below $155 then perhaps it sends the $100. But $155 is the level to watch.

Roku, roku

Freeport (FCX)

Freeport jumped today, and the next level to watch for is $9.90.

FCX, freeport

Lululemon (LULU)

Lululemon was down today after last week’s significant gains. But for now, it holds support at $195. However, a break of support will send shares towards $189.

lulu, lululemon

Apple (AAPL)

Apple got close to failed at resistance around $217. I saw bearish options betting in the stock, and I noted it in a free article today. It has me thinking that perhaps the stocks run may cool some.  $209.50 is the next level of support.

Apple, aapl

NXP (NXPI)

NXPI looks as if it may have broken out rise above $106. We have been waiting for this for some time. But perhaps it finally sticks with a move to $115 possible.

nxpi, nxp

If you love my free content, then I think you will enjoy my Seeking Alpha Marketplace premium content even more. Audio, video, and written analysis, plus I show you my process and my coverage list. The best part, I’m here to help you, with a rapid response time. Plus the first two weeks are free to try!

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-Mike

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