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June 30, 2020
STOCKS – ZM, INTC, FCX
MACRO – SPY, GLD
Mike Reading The Markets Premium Content – $35/Month or $300/Year
- Gap Filled, Resume The Previous Trend?
- The Rest Of The Week Could Be Tough
- The Fed’s Falling Balance Sheet Could Spell Trouble
- RISK IS BUILDING- MIDDAY
- Facebook Is The Key Today’s Market – Morning
- THE WEEK OF JUNE 29 WILL BE CHALLENGING
- Earnings Trends For June 27
- Facebook Adding Fuel To Fire – Midday
- Disney Shares May Plunge By Up To 14%
- Winds Are Swirling
It was another bullish day for stocks, that was aided by a massive $5.3 billion to buy on the closing cross. It sent the index sharply higher in those final minutes. Still, one has to wonder what the trend will be as we enter the second half of the year. As of today, the downtrend from the early June highs is still in place. Also, the RSI is pointing lower. We need to see the S&P 500 break above the downtrend and resistance at 3,115, to get a push higher. For now, that will be the most critical level to watch for the index.
From another viewpoint, the chart I pieced together over the weekend, the one with the descending triangle. It is still in play, so the rest of this week could be interesting. I’m not quite sure how it will play out at this point.
It seems we are crossroads for the S&P 500, break above 3115, and we likely rocket back to the June highs. Fall below 2990, and we return to May lows. It seems fitting that we get all this critical economic data this week.
Let us hope it goes better than Chicago ISM PMI did today; it was a horrid 36.6, which was worse than expected for 44.5. If the ISM comes that weak tomorrow it will not be a good day for stocks. Expectations are for 49 on tomorrow’s ISM manufacturing report.
Gold
Gold had a good day and is on the verge of a massive break out, which could send it back to its all-time highs, around over $1900.
Zoom (ZM)
Zoom continues to look reasonably weak here. It did rebound some, but I’m not a fan, and the rising wedge is the prominent force with a decline to $225 still on the horizon.
Freeport (FCX)
Freeport may still have some further to rise, especially with the surge in copper price. There is a gap to fill around $12.05.
Intel (INTC)
Intel is testing resistance at $59.75, with the potential for shares to push higher to $64.
Anyway, that’s all I have for today.
-mike
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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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