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Subscribe →September 10, 2020
STOCKS – REGN, GILD, VRTX
Macro – SPY, DXY
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- My Portfolio Breakdown -Entry Spots
- Afternoon Sell-Off? Midday
- Watching For The Gap Higher And Move Lower
- Stocks Teetering At Key Levels
- When Adjusting For Growth The S&P 500 Is It Most Expensive In 40 Years
- Market Getting Slammed
- For The Week Of September 8, Plus New Theme Tracker
- This Pullback May Be Different
- We Will Find Out Fast What Happens Next
- A Drop To 2860 On The S&P 500 Is A Real Possibility
- AMD May Fall 11% More
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Dollar (DXY)
Stocks are trading lower this morning ahead of the ECB rate announcement. While it isn’t likely to yield much in the way of a change in stance, it could be heavy in jawboning regarding the recent strengthening of the euro. If that is the case, then there is a good chance we see the euro weaken, as the dollar strengthens in the days and weeks ahead.
The dollar index has continued to struggle to break out at the 93.50 level, but I do feel that it is likely to change significantly if the language out of the ECB is strong enough.
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S&P 500 (SPY)
The S&P 500 is indicated to open down about 50 bps at the moment, and the late day sell-off and failure at resistance around 3425 opens the door to a retest and move lower back 3,320, to fill that giant gap. I’m not sure if it all happens today or over the next few days, but I think in general, at this point, the mood of the market has shifted lower.
Gilead (GILD)
Gilead hasn’t been particularly strong lately, and a break of support at $63.75 is likely to send the stock to around $62. Even though the RSI is near oversold levels, I think the stock falls some more before finally bottoming out.
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Regeneron (REGN)
Regeneron has been very weak lately as well, after breaking its uptrend. It likely means that the stock is heading lower to around $515.
Vertex (VRTX)
Vertex has been very week recently, as it approaches support at $263. A break of $263 sets up a further drop to its next support at $245.
Ok, that’s all for now.
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.