April 9, 2019
Michael Kramer and the clients of Mott Capital own Apple
Michael Kramer owns IWM Calls
Do polar bears count as bears for the stock market, or can it only be a brown bear? What about a Grizzle bear? These are the topics I wish there was more focus on. What kind of bear is the type that wall street refers too? That polar bear cub looks really cute and hardly looks scary.
S&P 500 (SPY)
As for the S&P 500, yeah that didn’t work out quite like how I expected. Doesn’t the market know I am never wrong? It decided today I should be wrong, and my hopes of a sharp rise vanished. That’s how it goes. Is this the start of a significant downturn? The uptrend I pointed yesterday, and the ascending triangle I noted is broken. The most significant risk at this point is that giant gap from early last week that needs filling, which could lead to a pullback in the index to around 2,830. Outside of that, I don’t see anything direr at this point. The upside continues to point to an increase to about 2,915.
Russell 2000 (RUT)
For now, the Russell is holding support around 1,562, but I could see it falling to around 1,535. Again, nothing cataclysmic. Certainly, that won’t be good for my options, but I have time.
AMD fell somewhat sharply today and it likely still has some further to fall, perhaps to around $25.90 or so. I read a great story today about AMD beating up on Intel CPU’s.
Roku is now teetering on support at $59, with the potential to fall to around $52. I wrote a story today on why I think it does drop $52. Will Roku’s Stock Fall Even Further?
Amazon briefly broke above $1850 but pulled back on its first go ’round. So we will have to see if the stock can manage to break through should there be a second attempt.
Apple had a pretty big turnaround mid-day after being up all morning. At this point, there is not enough to say that the stock is finished rising. $209 still seems likely.
I wrote up an article talking about why I think Snap may continue to rise over the short-term. For now, $13.20 seems to be the upper limit. Snap Sees Bullish Options Betting
I apologize, I feel like today’s write-up was rather dull. But that’s how it goes some days.
Maybe tomorrow will be better!
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