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June 2, 2020
Stocks – GOOGL, AMZN, BA
Macro – QQQ, DXY, COPPER
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN GOOGL
MIKE’S READING THE MARKET PREMIUM CONTENT $35/MONTH OR $300/YR–
Stocks are pointing higher once again with the S&P 500 trading up about 60 basis points. The momentum trade continues, with copper rising as well. Interestingly copper is now approaching the upper end of its trading channel.
But to this point, the Qs are not ready to get to the upper end of their channel. I’m just not sure what that may mean at this point. Will the correlation break if copper starts to reverse, or will falling copper take the Qs with it? We will need to watch it.
Dollar
Meanwhile, the dollar index continues to melt, reaching its lowest level since the middle of March.
Boeing (BA)
Boeing is testing resistance at $158. It is its second attempt to break above $158, and if it can, it likely pushes higher towards $183.
Alphabet is consolidating around $1430, and the RSI still has a little bit further to rise. A break out sends the stock back to $1498.
Amazon (AMZN)
Amazon’s stock bounced back some yesterday, and if you are a bull you need this one to keep powering higher. However, the RSI still diverges lower. So take it to me what you want.
Have a good one
-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.
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