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May 11, 2021
STOCKS – NVDA, XOM, JNJ
MACRO – QQQ, IEF
Mike’s Reading The Markets (RTM) Premium Content – FREE 2-WEEK TRIAL
- RTM Morning: More Pain Comes On 5.11.21
- RTM Video – Capitulation?
- RTM MORNING – Reflation Trade May Be Running Out Of Room
- Measuring The Life Cycle Of The Reflation Trade
- MORNING NOTE- TOO MUCH OF A GOOD THING
- Is The Reflation Trade Ready To Deflation?
- RTM MORNING: WE ARE THIS CLOSE TO THE CLIFFS END
It as a hectic day for stocks swing between gains and losses. Overall, the Qs finished the day basically flat, while the S&P 500 fell by about 90 bps. Tomorrow there are lots of changes that are likely to take place, especially with the release of the CPI data at 8:30 AM.
NASDAQ (QQQ)
The Qs gapped below the 50-day moving and despite, the ETF rally to fill the technical gap created from the morning drop. That moving average appears to have acted as a level of resistance all day. Whether that resistance continues is unclear to me.
Rates (IEF)
It is really going to depend on what happens with interest rates tomorrow. All the signs point to rates, moving higher from here. Whether CPI hits or misses, may not matter, rates will do what they want, but clearly a hotter CPI would increase odd of rates moving higher. The first level of resistance I am looking for is at the prior high from April around 1.76%.
Nvidia (NVDA)
Nvidia finished the day flat, after testing key support at $550. That will remain the big level to watch for Nvidia. A break of support likely sends shares back to March lows.
JNJ (JNJ)
Johnson and Johnson has an interesting chart. There is what appears to be a potential double top pattern, or the potential for a big breakout. It is too close to call at this point, but bears watching.
Exxon Mobil (XOM)
The chart for Exxon Mobil looks very similar to that of Johnson and Johnson, at least from the double top perspective. A lot of where Exxon goes will be dependent on oil prices.
That’s all for today.
-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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