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.
Meanwhile, the dollar index continues to melt, reaching its lowest level since the middle of March.
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’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
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