Subscribe to receive this FREE daily commentary directly in your email
JANUARY 21, 2020
Stocks: TSM, MU, INTC, FCX, JD
Macro: SPY, EWH, COPPER
Reading The Markets Premium Content – Get the First Two Weeks For Free- Cancel If You Hate It
- A Guide To All Of The RTM Tools And Spreadsheets
- Earnings Will Be Dominant The Week Of January 21
- Stock Are Pushing The Boundaries
- Technology Sector Now Has Bearish Pattern
Stocks are trading lower on January 21, with the S&P 500 futures falling by around 13 points of 40 basis points. It follows what has been a weak overnight session in both Asia and Europe, following a Moody’s downgrade of Hong Kong, and the IMF downgrading global growth.Â
Hong Kong (EWH)
Hong Kong’s market fell by over almost 3% last night, to near a level of support at 27,950.Â
S&P 500Â
Meanwhile, the S&P 500 futures are trading lower, but more important is that the futures are now trading through the rising wedge I have been talking about for days. Currently, the index is managing to hold on to support at roughly 3,310. The next meaningful level of support comes around 3,295 on the futures.
Intel (INTC)
Intel was upgraded this morning to hold from an underperform with a $64 price target at Jefferies today. The company will report results on Thursday. Again, this one that I have thought would rise following results based on some bullish betting, and I have also been looking for the stock to rise to around $64.Â
JD (JD)
JD.com is falling following the overnight weakness in Asia. A drop below $37.10 sets up a further decline to around $38.40 and then $37.20.
Micron (MU)Â
Micron is down just a bit, but again this stock ahs been consolidation in the $55.60, and it needs to hold that support level to avoid a further decline towards $52.75.
Taiwan Semi (TSM)
Taiwan Semi has failed at resistance on two occasions around $60.70, and now the uptrend is breaking. It sets up the potential for the stock to fall back to $54.40.
Freeport (FCX)Â
Freeport McMoran is moving lower and is in danger of falling apart here. Certainly not was I was looking for last week when I saw some bullish option betting. We need to be on watch for a further decline to technical support at $12.30 and then $12. Â
Copper
Part of the reason for the weakness is because copper prices after appearing to have finally breaking resistance are giving back some today.
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.  Â
Subscribe to receive this FREE daily commentary directly in your email
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.
The Pivot Games: Tariff Edition
Mott Capital's Market Chronicles 6 hours ago