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April 13, 2020
Stocks – T, GS, NXPI, SHOP
Macro – SPY, EWG
This week I will be hosting a live Webinar along with a Q&A session. If you’d like to participate you can sign-up for my premium service on Seeking Alpha and StockTwits, I am offering a free 2-week trial for those that would like to give a try.
Here are some recent titles:
- Seeing A Lot Of Bearish Options Betting – Morning Commentary
- Getting Ready For Earnings Season – The Week Ahead
- Short-Term Rally May Be Coming To An End
- Stocks Rally But Some Sectors Are Critical Spots
- Big Bets Nvidia’s Stock Drops
Stocks are pointing to a lower opening on April 13, with the S&P 500 futures pointing to a decline of about 1%. At this point, we are starting to trade outside of the rising wedge I pointed out over the weekend, and that could suggest stocks have further room to fall today and this week. A drop below 2,730 would get the index moving quickly to 2,630.
Kospi
We can see that the same pattern also formed in the South Korea KOSPI and the index also fell through the lower trend line.
NXP Semi (NXPI)
NXP Semiconductor is falling today after Evercore downgraded the stock to inline from outperform with a price target of $100, due to the company’s exposure to the auto industry. The stock reached resistance on Friday at $96.30 with the potential for a gap fill back to $76.
AT&T (T)
AT&T has reached resistance around $31, a level it has failed out on a few occasions now, and could be turning lower to $28.90.
Shopify (SHOP)
Shopify has been trading lower along with a downtrend and is now testing that downtrend. Should the stock fall below $400, it is likely to test the lows around $341.
Goldman Sachs (GS)
Goldman filled a gap up at $188, with the potential to fall to roughly $168.
Have a good day
-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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