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
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN TSLA
MICHAEL KRAMER HAS QQQ PUTS
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.
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 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.
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 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.
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