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August 25, 2020
STOCKS – AAPL, TSLA, NVDA, FCX
Macro – SPY, TLT
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MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPIAL OWN AAPL AND TSLA
Stocks are rising again this morning, with some of that rotation trade still working. That is helping to lift the SPY ETF higher by about 40 basis points. The futures have been rising in this channel, and at this point, the futures hit the upper bound of that the channel, additionally, the RSI on the futures with the RSI hitting 74. It seems like this is the place we should see the market turn, and at the very least, move lower back to 3,370.
We can see the rates are starting to rise with the 10-year approaching 70 bps.
Apple (AAPL)
Apple will split its shares in a matter of days, and we will find out what happens to all of that momentum. It seems to me that the stock could easily fall back to $440 from these overbought levels. There is also that giant gap down at $383.
Tesla (TSLA)
Tesla is also in this camp of being overbought, with the potential for the shares to fall back to around $1900, and then potentially as far as $1650.
Freeport (FCX)
Freeport is another stock on watch as it approaches resistance at $14.90. This price level has been a significant level of resistance for the stock in the past. The stock tested this level last week and did fail.
Nvidia (NVDA)
Nvidia shares are also in the same camp as Apple and Tesla. It seems reasonable to think this stock could quickly move lower to $425.
That’s all I have for today, lots of more of the same at this point.
-Mike
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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.
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