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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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.
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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 Biotech Sage Therapeutics Is Overvalued
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
McDonald’s and Starbucks: A Case of Perception Vs. Reality
Nvidia Traders Expect More Gains for the Stock
Biotech Celgene Could Rebound By More Than 15%
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
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.
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Tags: #Nvidia #SP500 #Technology #Microsoft #Amazon #Nvidia #IBB #Biotech