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August 12 – stock mentions: SPY, ROKU, BAC, C, JPM
US Markets
- S&P 500 Futures -19
- 10-Year Treasury 1.69%
- VIX 19.62
- Oil $54.10
- Dollar Index 97.52
International Markets
- Shanghai +1.45%
- HSI -0.44%
- KOSPI +0.23%
- Nikkei +0.44%
- DAX -0.24%
- UK FTSE -0.43%
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China
Stocks are pointing to a lower open, with the S&P 500 dropping by around 19 points. Blame it on China trade worries I guess, at least that is what I am reading everywhere. I always find it interest though when the market of the country in questions rises rather substantially on the same day. China Shanghai was up around 1.5% last night.
Hong Kong (HSI)
Even Hong Kong was down just 0.45% overnight.
S&P 500 (SPY)
So from the standpoint of the market being down on trade worries, it seems something is amiss with US markets falling this morning. Sure they are down, but why are they down is the questions you should be asking and for how long shall they be down?
Support for the S&P 500 is around 2890 at the gap fill from mid-last week.
Roku (ROKU)
Roku is rising sharply this morning after Needham raised its price target on the stock to $150 from $120. Based on the technical at this point, it is tough to tell just how far the stock may rise at this point.
Bank of America (BAC)
The bank stocks are lower this morning as the yields fall. Bank of America is down about 1% this morning, and as I noted over the week the stock is likely heading towards $25.75. Big Bets Bank Of America’s Stock Plunges
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JPMorgan (JPM)
JPMorgan broke its uptrend from December and is now sitting above support around $106.50. The stock could be on its way to around $102.
Citigroup (C)
Citigroup is also breaking down today as well and appears it may be on its way to around $61.
Enjoy your Monday!
-Mike
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Charts used with the permission of Bloomberg Finance L.P. 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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