This column is my opinion and expresses my views. Those views can change at a moments notice when the market changes. I am not right all the time and I do not expect to be. I disclose all my positions clearly listed on the page, and I do not trade my account on the stocks spoken of in this column unless fully disclosed. If that does not work for you stop reading and close the page. Do not bother me or harass me.
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APRIL 21, 2020
Stocks – NFLX, NVDA, AMD, INTC, MSFT
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN MSFT
Mike Reading The Markets Premium Content –
- Stocks Snap, Risks Still Building
- Stocks Dropping With Gaps Fill Waiting
- Gaps Filling, Late Day Fade? – Midday Update
- Square May Continue To Climb
- OIL DROPS, EUROPEAN CREDIT RISKS, BETTING STOCKS FALL – MORNING COMMENTARY
S&P 500 (SPY)
Stocks finished the day lower by over 3% with the S&P 500 close around 2737. The good news is that the index managed to hold on to a support level around 2725. The bad news is that the index fell below the uptrend that was formed off the March lows. It not particularly a great sign for the future of the index over the short-term. It means tomorrow will carry some extra weight, as we will need to see the index recover today’s loss and more to move back into the uptrend. If it should fall below 2,722, it is likely to result in a drop to around 2,636.
Nvidia shares got crushed today, falling by over 6.3%. The stock has now fallen to the other side of the uptrend, and it is broken. Watch out for that drop to $256.
AMD also fell sharply today, and the stock looks like it may be setting up a double top pattern. We will need to watch closely how the stock acts around support of $50.85. That will be a big test.
Netflix is trading pretty much flat after it reports about 15 million net subscriber additions in the first quarter. That was a considerable amount. I will have to dig through it some more. It did manage to spike over $450, but it is now back below that level, so let’s use that as resistance for now.
Microsoft broke a significant uptrend, and that could spell trouble for the stock, with a gap to fill down at $153.
Intel had a rough day too, they report results on Thursday, with a chance for the stock to fall to $50.25. You can read more here in this free article I wrote up. Risks Are High For Intel Following Results
Have a good night.
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