Subscribe to receive this daily commentary directly in your email
Independent macro and options research, published every trading day — $85/mo or $750/yr
Subscribe →MAY 22, 2022
Stocks – ROKU, NVDA, JPM
MACRO – SPY, QQQ, OIL, XLV, VIX
Mike’s Premium Content $35/MONTH OR $300/YEAR –
- Naz Uptrend Breaks, Midday
- Watch 2 Key Levels – Morning Commentary 5.21.20
- Stocks Rise, But With No Confirmation And Signs Of Fatigue
- Bets Mounting Gilead Drops
S&P 500 (SPY)
Currently, the S&P 500 ETF (SPY) is trading nearly flat, but when I started writing this, they had been down about 75 basis points. At this point, the ETF is trading well above the $288.75 level of support, or roughly 2900 on the S&P 500 index, which is essential because this is the critical level of support. If the index should break that level of support, it could result in a deeper pullback to around $286.
Navigating The Market · By Michael Kramer Independent macro and options research, published every trading day. Daily written analysis covering gamma exposure, dealer flows, key levels, and the macro drivers moving markets. Includes full video access. Recent Subscriber Analysis
NASDAQ 100 (QQQ)
The Qs are still in a zone that suggests a steeper pullback may lay ahead for the market over the short-term, potentially pushing the index back to the lower end of the trading channel. At this point, the pullback appears to be nothing more than a short-term pullback. But of course, it will be monitored closely.
VIX
The VIX is creeping above 30 today.
Roku (ROKU)
Roku was downgraded today at Stephens, which goes to equal weight from overweight and cut its price target to $105 from $155. The stock is sitting at an essential level of support at $110, with a break it could fall to $99.
Nvidia (NVDA)
Nvidia is rising a touch after posting amazing results, and a ton of upgrades and price target increases. The data center was hot and based on their outlook versus AMD and Intel, its obvious who is winning the war. Can the stock keep rising though, look anything is possible. It is likely a bit overbought short-term, probably. But we should have a better sense after today, with a rise above $365, signaling a more significant increase. Here is the story I wrote for Forbes – Nvidia’s Stock May Slump Despite Blockbuster Quarterly Results
The Market Chronicles · Video Membership The daily market commentary, delivered in video. Same daily market analysis, in video form — available to YouTube channel members only. Latest Videos
JPMorgan (JPM)
The bank stocks continue to trend lower, and JPMorgan is one of those stocks. A drop below $88 sends the shares back towards $81.
Oil
Keep an eye oil as it fails at the downtrend.
Health Care (XLV)
Also, continue to watch the XLV, the ETF has stalled out, and the RSI decline is starting to pick up some steam.
Anyway, that’s all
-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.
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.
Negative Real Wage Growth Looms As Gasoline Outruns Oil - Advanced Topics
Mott Capital's Market Chronicles 87 minutes ago