Stocks Drop Looking For Gaps To Fill May Have Further To Fall

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December 9, 2019

Stocks: ACAD, AAPL, TSLA, FB, AMD

Macro: SPY

MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN ACAD, AAPL, TSLA

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S&P 500 (SPY)

It was a pretty dull day, with the market falling by just 35 basis points to around 3,135. The day felt directionless for the most part. The way the market was rolling over mid-day, I thought we’d get a modest pullback, which we did start to see towards the close, and I think it means there is more tomorrow. Premium content – Stocks Gearing Up For Afternoon Drop

Resistance on the chart hasn’t changed at 3,150; meanwhile, at least based on today’s actions, it is looking as if the gap wants to get filled.

Acadia (ACAD)

Acadia fell sharply today, for no particular reason. The stock appears to be partially filling a gap and moving down to support around $48. Could it fall further? It seems possible, but I think it should hold at $48. By the way, the CEO sold his stock as part of a 10B5-1 plan.

Apple (AAPL)

Apple also fell sharply, filling the big gap higher from Friday.

AMD (AMD)

AMD also had a rough day, and it appears to be heading lower to around $38.80.

Tesla (TSLA)

Tesla did have a good day and appeared to be trending higher back towards resistance at $347 in an attempt to fill the gap up at $360.

Facebook (FB)

Interestingly, Facebook managed to hit resistance at $203 today and failed. It would suggest that the stock fall to around $198.

Back tomorrow.

-Mike

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