September 9, 2020
STOCKS – TSLA, AAPL, SHOP
Macro – QQQ,UUP
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- Stocks Teetering At Key Levels
- When Adjusting For Growth The S&P 500 Is It Most Expensive In 40 Years
- Market Getting Slammed
- For The Week Of September 8, Plus New Theme Tracker
- This Pullback May Be Different
- We Will Find Out Fast What Happens Next
- A Drop To 2860 On The S&P 500 Is A Real Possibility
- AMD May Fall 11% More
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN TSLA AND AAPL
MICHAEL KRAMER HAS QQQ PUTS
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.
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 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 is rebounding some today, but I do happen to think the stock needs to fall further and fill the gap around $275.
Keep an eye on SHOP today for a potential break of support at $911.
Good Luck today
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