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October 2- Stock mentions SPY, MU, NFLX, FB, BABA, AMD
Michael Kramer and the clients of Mott Capital own NFLX
- S&P 500 -19.50 points
- US 10-Year 1.63%
- Dollar Index 99.32
- Oil $53.81
- VIX 19.66
- Shanghai -0.92%
- HSI -0.19%
- South Korea -1.95%
- DAX -1.23%
- UK FTSE -1.72%
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 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 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.
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 broke the uptrend, and now the losses appear to be accelerating towards $151.
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.
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.