Michael Kramer owns IWM call options
Michael Kramer and the clients of Mott Capital own Splunk, Disney
The Fed minutes didn’t show anything we didn’t know already. Nor did today’s ECB meeting. So there were no big signals to take away from those events. CPI came in at 1.9% y/y versus estimates of 1.8%, and core came in below estimates at 2.0% versus estimates of 2.1%. Hey, some times no news is good news, and in this case, it was.
Did you watch the bank hearings today? Wow. talk about boring. geez. The questions are… let’s say interesting. That will be all.
Talk about another dull day on the surface. All the action was in the Russell, what a day it had, increasing 1.4%. It is a very good sign to see the small-caps rise so sharply, it likely means those bigger guys aren’t far behind.
S&P 500 (SPY)
The stock market finished higher today with the S&P 500 rising by about 30 basis point, clawing back some of those losses from yesterday. 2891 is still the level of resistance on watch, and we need to see the S&P 500 break above this region.
The big move today was in the small-caps with the Russell rising by 1.4%! A massive day of outperforming. 1,593 is the level that is on watch.
There isn’t much you can say about Lyft from the charts. But what a horrible deal, and what an awful job on the placement of the shares. It reminds me of Snap, and that means the stock probably isn’t finished falling. I’m going to do some more work on this one, it going to a fun one to follow.
Splunk is up sharply today, and the stock is trying to move back into the trading channel. I think it does move back into the channel and potentially to the upper end.
Tomorrow will be a big day for Disney, with its investor day and the first showing of Disney + streaming service, and potentially pricing details. All-time highs are in reach.
Amazon is still trying to break out and still hasn’t.
Nvidia continues to climb and is inching closer to around $198.
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