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

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 results.