Stocks Are Rebounding On September 9, But Watch For The Gap Fill

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.

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September 9, 2020

STOCKS – TSLA, AAPL, SHOP

Macro – QQQ,UUP

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Stocks are bouncing back some this morning, but after big sell-offs, as we have seen, one must be careful of the gap higher. We could easily see that gap up fade and fill-in as the morning and day goes on.  At the moment, we are trading back up to around $273.50 on the Qs, which was a critical intraday support level broken in the final hour of trading yesterday. The next level up comes about $275; a failure to advance beyond $273.50 or $275 likely brings the sellers back out and pushes the ETF lower, filling the gap.

Dollar

The dollar finally broke above 93.50, with the next big stop around 94. Once it clears 94, I expect a more significant rally on to 96.

Apple (AAPL)

Apple is rebounding today, back to resistance around $115-116. This will be a significant region to test, and I expect that the stock will fail at that level and move lower.

Tesla (TSLA)

Tesla is rebounding some today, but I do happen to think the stock needs to fall further and fill the gap around $275.

Shopify (SHOP)

Keep an eye on SHOP today for a potential break of support at $911.

Good Luck today

-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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