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11.17.20
Stocks – ACAD, TSLA, MU, XOM, NFLX
Macro – SPY
Mike’s Reading The Markets (RTM) Premium Content – NOW WITH A 2 WEEK FREE TRIAL
- 2 Long-Term Theme Ideas And Valuations
- Signs For A Drop To 3200 Mount
- More Bearish Bets Placed On The SPY
- Bonds/Dollar Not As Excited As Stocks
- On Watch For A Sharp Pullback
- Themes Heading Into Options Expiration
- Can We Expect Volatility Into Opex Next Week
- Amazon’s Pricey Stock Attracts A Bearish Bet
- Stocks Move Lower As It Continues To Wait For Stimulus
- Softbank May Have Closed Options Positions Out
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN TSLA
Stocks fell on both the S&P 500 and the Qs dropping too. Overall, it was a game of the fill the gap, with the index gapping lower to start the day, and then rally back to fill that gap back up during the day. Ultimately, the index once again failed resistance around 3,625
The failure again is now getting concerning for me and suggests the index may indeed be running out of the much-needed juice to push even higher. If that wasn’t enough, volume levels in the Qs are just evaporating.
Options volumes are also declining in the technology sector as well, which again supports to some degree that the market is losing some of that momentum needed to push the overall markets higher.
Couple that with the number of stocks trading above their 200-day moving average, and the ingredients appear to be right for a topping in the market. (Premium content – Signs For A Drop To 3200 Mount)
Tesla (TSLA)
Tesla surged today by over 7% but failed to push over resistance at $460. That is the level where everything has to happen. With no breakout, it seems like there is a good chance the stock fills the gap back to $410.
Exxon (XOM)
Exxon was up again today, and it is basically around 1% from my target, so I’m calling it a day there. I will re-evaluate that one.
GE (GE)
GE made it all the way to $9.74 today, pretty amazing, as this stock has really risen from the ashes. It is probably overbought at this point, with an RSI over 80 and plenty of gaps to fill lower.
Amazon (AMZN)
Amazon continues to trend in the wrong direction, and I still think this stock is heading lower from here. No, this is not about holding for the long-term; we are merely talking about trading here.
-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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