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October 2- Stock mentions SPY, MU, NFLX, FB, BABA, AMD
Michael Kramer and the clients of Mott Capital own NFLX
US Markets
- S&P 500 -19.50 points
- US 10-Year 1.63%
- Dollar Index 99.32
- Oil $53.81
- VIX 19.66
International Markets
- Shanghai -0.92%
- HSI -0.19%
- South Korea -1.95%
- DAX -1.23%
- UK FTSE -1.72%
Macro
ADP Job Report at 8:15 AM
Rising tensions in Hong Kong are adding to the weakness around the globe.
S&P 500 (SPY)
Well, so much for 2935 acting as a healthy support level. The S&P 500 is falling right through that level on October 2. The SPY shows the index is going to open sharply lower. It makes $289 the most likely level to look for now in the SPY.
We will have to see how things develop from here, but at the moment it would seem the index is not finished falling at this point and a move below 2900 seems likely at this point.
Micron (MU)
Micron is not helping things either, following that underwhelming report last week. The stock is falling below support $42.10, and it could be in danger of fall all the way $38.70.
AMD (AMD)
AMD continues to move lower, and it looks like the descending triangle is breaking down, with the odds of a drop to $27.20 to $27.40 on the rise.
Netflix (NFLX)
Wow. According to Piper, 75% of Netflix subscribers are not likely to be interested in Disney+ or Apple+. Gee, what a surprise. The stock is trading a little bit lower along with the broader market today. $260 is support, and $273 is resistance.
Alibaba (BABA)
Alibaba broke the uptrend, and now the losses appear to be accelerating towards $151.
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Facebook (FB)
Uh-oh, some of the firms initially interested in partnering with Facebook on Libra are having second thoughts. I wonder why? The uptrend is broken. It would not surprise me to see this one trade back to $157.
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Charts used with the permission of Bloomberg Finance L.P. 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.
Rates Surge Stocks Drop Following Hot Job Report, CPI Next Week
Mott Capital's Market Chronicles January 10, 2025 12:02 PM