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S&P 500 Is Still Struggling
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First I wanted to give a big Thank You to MarketWatch.com for doing a write-up on our blog post from over the weekend, regarding Tesla.
Tesla’s biggest news last week was not the truck, says this fund manager
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The S&P 500 continues to deteriorate on a intraday basis, which again appears to be the making of a short-term pullback. I know we have been saying this for a days, but the chart tells the story. I am giving you my interpretation of what it represents.
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Tesla
Tesla shares continue to hang in. Shares spiked to nearly $325, following the Truck and Roadster announcement. But the stock sold-off late Friday, and continued to sell-off today some.
The chart shows how the share of Tesla managed to find some support on the uptrend, and continue to hold the above the $303 level. Continue to watch Tesla, as it continues to act as a risk gauge for the market.
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Biotech
Biotech’s failed to rally today, and in fact, it was unable to get back over $309 after falling below. Concerning, yes. Does it mean the turn around is over? No.
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In fact shares of Celgene briefly, touch support at $102.50 and managed to bounce right off.
Technology
Technology shares were also weak today, and again like the S&P 500 is showing signs of strain.
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Shares of Nvidia have also struggled to regain previous highs. I’m drawing a downtrend line as of today. We’ll see where it goes.
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One last one is Amazon, sitting on the cusp. A break below its current $1,122 sends shares much much lower..
Good night
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Free Articles Written By Mike:
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Why NVIDIA’s Valuation May Be A Giant Bubble
Intel Could Fall 10 Percent Before Long-Term Rise
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Tesla’s Stock Heads To A Crossroad
Why Coca-Cola’s Biggest Return May Be Frustration
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Why GM Could Slide 10% After Bull Run
Why Biotech Stocks Are Nearing a Rebound
Higher Bid For Qualcomm Is Unlikely, Traders Indicate
Why Netflix, Nike and Starbucks Are Breaking Out
S&P 500 May Pull Back, Setting Up 20% Gain By End 2018
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Exxon, Chevron, and Oil Are Breaking Out
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Michael Kramer owns XLK Puts
Michael Kramer and the Clients of Mott Capital owns shares of CELG, TSLA
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Tags: #Nvidia #SP500 #Technology #Microsoft #Amazon #Nvidia #IBB #Biotech
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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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