This column is my opinion and expresses my views. Those views can change at a moments notice when the market changes. I am not right all the time and I do not expect to be. I disclose all my positions clearly listed on the page, and I do not trade my account on the stocks spoken of in this column unless fully disclosed. If that does not work for you stop reading and close the page. Do not bother me or harass me.
Otherwise, enjoy the column!
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OCTOBER 14- STOCK MENTIONS: SPY, AAPL, AMZN, BYND, SBUX,TSLA
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN AAPL, TSLA
- S&P 500 Futures -13.75 points
- US 10-year – Closed
- VIX 16.35
- Dollar Index 98.38
- Oil $53.45
- Shanghai +1.15%
- Hong Kong +0.81%
- Japan +1.15%
- KOSPI +1.11%
- UK -0.64%
- Germany -0.90%
S&P 500 (SPY)
S&P 500 futures are declining some today as investors continue to digest last week’s announcement on trade. Additionally, to no surprise, China is essentially saying don’t celebrate until the two sides sign an agreement. So we can see what happens next, but at least all sides seem to agree that progress was made on a potential deal, and it still seems to be in both countries’ interest to get a deal done.
By the way, keep in mind, the bond market is closed today.
For now, the S&P futures are holding the uptrend around 2960, which is positive, and the next layer of support comes around 2940ish. That would allow the S&P 500 cash to fill Friday’s gap higher, and then resume its uptrend.
Read the premium look at the week ahead and get the first two weeks for free- It May Be A Rocky Week At First, But Don’t Lose Faith
Apple is one stock that is falling today, and given the big stock run-up a pullback shouldn’t come as a surprise. A drop below $236 likely sets up a drop to $229.
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Amazon continues to stall out around $1750. Now one must watch for support at $1700. While it may be too soon to worry about $1620, it needs to be on the radar, especially given how many times Amazon has failed at resistance.
Starbucks has broken its uptrend, and now the stock is trending lower, and a decline of $84.80 sends the stock back to $81.50.
Beyond Meat (BYND)
Meanwhile, Beyond Meat is getting closer to fill that gap at $100.
Tesla is rising above a symmetrical triangle and needs to clear $253 to push to $261.
Have a good day
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.