Stocks have put together a few strong sessions, and despite some weakness yesterday in retail stocks, such as Macy’s, the broader market performed well.
Jerome Powell’s talk yesterday was amusing at times, although the market didn’t respond very well at first, but managed to mount a strong come back.
The S&P 500 continues to face technical resistance at 2,630.
Netflix is trading above $330 today at $333, after UBS upgraded the stock to buy despite lowering its price target to $400 from $410. If the stock can manage to hold support at $330 then there is a good chance that the stock could work its way higher towards $355.
Apple’s stock has reached out resistance level at $155, and has failed two times at that price. It is obviously not a good sign and if the stock is unable to get above $155 today, then there is a good chance the stock retest the lows around $142.
Acadia is now flirting with a break out at $21, and should the stock rise above that price it is likely to go on to $24. The stock has risen sharply over the past few days following the company’s presentation at the JPMorgan Healthcare Conferece.
Wedbush is positive on Tesla today ahead of their quarterly results next month. The firm has a $440 price target on the stock. The stock appears to have formed a double bottom techncial reversal off of $300 and the next level of resistance should come around $360.
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Activision Blizzard is trading lower today following news that Bungie will have the rights to publishing for Destiny. The stock is falling 7% as a result and trading at technical support around $47. Should the stock fall below $47 it is likely heading towards $45.50.
That is going to be it for today, testing out a few new ideas for the blog. So going to keep shorter over the next few days.
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Charts used with the permission of Bloomberg Finance L.P. 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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Mott Capital's Market Chronicles January 10, 2025 12:02 PM