11/21/2019

STOCKS: NVDA, AMD, LRCX, M, TSLA

MACRO: SPY, EWY

MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN TSLA

US Markets

• S&P 500 +3.25 points
• 10-Year Treasury 1.76%
• Dollar Index 97.76
• VIX 13.06
• Oil 57.18

International Markets

• Japan -0.48%
• HK -1.57%
• China -0.25%
• SK -1.35%
• DAX -0.22%
• UK -0.73%

GET THE MORNING CALL FIRST – PREMIUM CONTENT ON READING THE MARKETS – Markets Are Still At Precarious Levels

MACRO

The trends around the world seem to be showing that the global equity market continues to cool. It isn’t a sign that we are likely to enter a bear market, merely that markets are pausing from their recent sharp rise.

SOUTH KOREA KOSPI (EWY)
The KOSPI was the latest index to show some signs of cooling. The index is falling below an uptrend today, at 2120, and could now drop to around 2,06

S&P 500 (SPY)

The S&P 500 is on the cusp of breaking its own downtrend, and perhaps following the KOSPI lower. Should the index break of the uptrend make the next level of support at 3,080 and then at 3,045.

STOCKS

LAM RESEARCH (LRCX)

Lam Research is trading lower today after it was downgraded to sell from neutral at UBS, while the price target was left at $240. The stock is now trading below at $267 and could result in the stock falling to $245.

AMD (AMD)

AMD is also trading lower after a downgrade by Northland, which cut to rating to Market Perform from Outperform, while leavings its price target unchanged at $36. The stock has been finding some support around $40.20. A drop below there sets up that move lower we have been focused on to $38.40.

TESLA (TSLA)

Tesla will show off its new pick-up truck tonight. I have no idea how the stock will trade following the new vehicle. However, the shares are close to breaking out at $360. This is the level everyone should be watching. If the stock does manage to cross above $360, it goes back to its all-time highs.

NVIDIA (NVDA)

I will be continuing to watch Nvidia; the significant battleground is at $212. It’s simple if the stock rises above $212 it goes back to $236. If it fails again at $212, it goes to $198. I think it fails, based on the RSI. We will see.

MACY’S (M)

Well, Macy’s is falling below support at $14.50 and could be heading lower towards $10.25.

Have a great one!

-mike

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