Subscribe to receive this FREE daily commentary directly in your email
12/23/20
Stocks – FOBU, AMD, FB, FCX
Macro – SPY, COPPER
Mike’s Reading The Markets (RTM) Premium Content – Get 2 Weeks Free To Try, Along With 20% off.
- RTM Midday- Testing Resistance – Big Level
- RTM MORNING NOTE- S&P FUTURES STRUGGLING AT 3,690
- RTM MIDDAY: What Will Keep Stocks Rising?
- RTM Morning Note – Betting Big In Square
- RTM-MIDDAY: GAP FILLING ALGO’S, TRENDS LOWER
- RTM Options Analysis – AMD Seeing Bearish Betting
- RTM Morning Note – The Sell-Off May Only Be Starting
- RTM Week Ahead: Stocks Return To Pre-Pandemic Valuations
- Driving Subscriber Value – New Enhancements
Quick note- There will be no write-up tomorrow night. I wanted to say thank you to everyone that chooses to read me every day. I know 2020 was not my best year in calling the broader markets, but I hope to make for it in 2021. Thanks for sticking it out with me.
Also, I plan to write up my 10 predictions for 2021 this weekend. -Mike
S&P 500 (SPY)
Stocks finished the day flat on December 23, despite having a good move higher off the opening. The S&P 500 dropped sharply around 3:50 PM when the closing crossed revealed nearly $3 billion for sale that was unpaired. It was larger than the normal amount.
That resulted in the S&P 500 gapping down and pushing lower for the balance of the day. The buyer vanished in the final 10 minutes. Perhaps there is now nervousness ahead of 3.5 day weekend that is approaching tomorrow afternoon. Especially with the stimulus deal now in doubt.
NASDAQ (QQQ)
The price action in the Qs was worse, with the ETF falling by 50 basis points. Again, like the S&P 500, there was a straight line drop in the at the end of the day. It may be worse than that; the breakdown in the uptrend has been confirmed at this point.
Again, I continue to believe this a market that is going lower from here, not higher. How bad it gets larger depends on many factors, and I couldn’t begin to imagine, but depending on how you want to map things out, there are many possibilities.
Fubo (FUBO)
Anyway, Fubo didn’t have such a great day, falling by more than 15%. Now the stock is on the cusp of a steeper drop, with a potential head and shoulders. A break of support at $52.80 sets up a steeper drop to around $50.50. After that, it may be lights out, with no support until $39.75.
AMD (AMD)
AMD is heading lower, and I continue to believe this is a stock that is going back to $75. Sorry. Nothing has changed in my view. The current pattern suggests it even more.
Nvidia (NVDA)
Nvidia looks like it is ready to fall off a cliff, with $460 likely the next stop. Just look at that those volume levels. Look at the RSI.
Broadcom (AVGO)
Broadcom appears to be on the list of Semis that look sluggish. With a rising wedge pattern. Perhaps we go back to $400, maybe more.
The Ghost of Stock Markets Past?
Have a good holiday and a 3.5 day weekend.
-Mike
Mott Capital Management, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Past performance is not indicative of future results.
Subscribe to receive this FREE daily commentary directly in your email
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.
CTA And Volatility Funds Poised To Drive Market Pullback
Mott Capital's Market Chronicles October 10, 2025 2:00 PM