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December 3, 2019
Stocks: AAPL, TSLA, MU, BABA, NVDA
Macro: SPY
US Markets
- S&P 500 Futures -8.75 points
- US 10-Year 1.79%
- VIX 15.58
- Oil $56.10
- Dollar Index 97.81
International Markets
- Japan -0.64%
- HK -0.20%
- SK -0.38%
- China +0.31%
- UK -0.99%
- Germany +0.54%
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN AAPL AND TSLA
Reading The Market Premium Content –
- Video Topic Form For Posting Questions
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MACRO
Here we go again, lets twist and turn headlines, and make something out of nothing. Trump’s comments on trade, at least based on my memory, do not sound any different than what we have heard in the past. Regardless, the futures are trading only slightly lower today on headlines; Trump wants to wait until after the elections to make a deal, which is not exactly what I heard when I saw the video. Whatever…
There have been plenty of negative headlines going back and forth over the past few weeks, but the market didn’t care. We’ll see just how much the market cares today.
Regardless, is there a surprise here? I told you last week the market was overbought, I told you over the weekend we were likely heading lower towards the uptrend, and I told you last night we were going to likely fall to around 3,080. My crystal ball didn’t know that Trump or anyone was going to make comments. But what was clear was that the market was overbought and needed to come down. Are the negative headlines the trigger? Sure. Does it change the fact the market is merely giving back from overbought levels? No. So let’s forget the BS headlines and move on.
The next level of support for the S&P 500 comes at 3,080, and then again around 3,040, which would fill the gap created on October 31.
STOCKS
Apple (AAPL)
Apple is falling some today, and support for the stock is at $260 and $255.
Tesla (TSLA)
Tesla is trading slightly higher today after Piper raised its price target on the stock to $423 from $372. Not sure why they pick a number like $423, and not something like $425, but whatever. There is still that giant gap to fill up to $353. Well, see if we can get there with the market “turbulence” ahead.
Micron (MU)
Micron is moving lower, and it appears it will be retesting support at $45.50.
Alibaba (BABA)
Alibaba isn’t likely to have a good day, and the stock traded down to 192HKD in HK, overnight, and that is likely where it is going here in the US and is on its way to $188.
Qualcomm (QCOM)
Qualcomm is falling below $82, and that could be a terrible sign that shares have further to fall, and the road to $76.50.
Have a fun 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.
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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.
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