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.
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.
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’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.
In fact shares of Celgene briefly, touch support at $102.50 and managed to bounce right off.
Technology shares were also weak today, and again like the S&P 500 is showing signs of strain.
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.
One last one is Amazon, sitting on the cusp. A break below its current $1,122 sends shares much much lower..
Free Articles Written By Mike:
Biotech Celgene Could Rebound By More Than 15%
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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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