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January 6, 2020
Stocks: CRM, AAPL, GOOGL, FCX
Macro: SPY, Gold, VIX
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN GOOGL AND AAPL
US
- S&P 500 Futures -18.5 points
- US 10-Year 1.79%
- Dollar Index 96.64
- Oil $63.61
- VIX 15.70
International
- Japan -1.91%
- HK -0.79%
- China -0.01%
- SK -0.98%
- Germany -1.39%
- UK -0.93%
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S&P 500 (SPY)
Stocks are pointing to a lower opening with the S&P 500 future, indicating a drop of about 40 basis points. Interestingly, the S&P 500 futures are finding a modest bounce this morning off the Friday lows. This is something worth watching as the day continues.
The good news is that the RSI continues to come down, falling to around 61. I view this as positive and should add longevity to the rally, as it didn’t take much of an overall decline to pull the RSI lower.
VIX
The VIX is moving slightly higher today but continues to hold the overall downtrend, another positive signal.
Gold (GLD)
It will be an essential day to watch Gold, as the metal crosses a big level of resistance at $1,556.
Salesforce (CRM)
Salesforce was upgraded to Top Pick at RBC. I have been watching CRM closely in recent days as near a potentially big break out at $167.
Alphabet (GOOGL)
Alphabet received an upgrade to Buy from Hold with a price target boost to $1,650 from $1,445. Based on the chart, the next level of resistance is around $1,435.
Apple (AAPL)
Apple was downgraded to a Buy from a Strong Buy at Needham but had its price target raised to $350 from $280. Still, shares are lower this morning, and that means support comes around $291.
Freeport (FCX)
Freeport is falling this morning on weaker copper prices. The next level of support is around $12.30.
Have a great 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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