Michael Kramer and the Clients of Mott Capital Netflix

S&P 500 (SPY)

Stocks were weak once again. We can see in the chart that the S&P 500 is testing its lows from the other day, and for now those lows are holding. At this point, I can’t say I’m overly concerned. A pullback to 2,750 wouldn’t concern me either.

Russell (RUT)

The Russell, now that is a different story. We can see the index has broken its uptrend and a drop below 1,530 clearly triggers a steeper decline to 1,492. Diverging indexes are never a good sign. We really need to see the Russell stabilize here. I would get more nervous over the short-term should the Russell crack below 1,530.  It would likely signal a steeper pullback for the S&P 500 too.  We will need to monitor.

Biotech (XBI)

The XBI continues to look really weak, and a drop to $85.25 seems likely at this point.

Nio

Nio shares tanked over 20%. I went through the story this morning.  The stock fell right through support at $8.35 and now appears to be on its way to that $7.72 region I mentioned earlier.

GE

GE also continues to fall, and I noted this morning the stock was facing a decline below $9. This afternoon it seems like those odds just improved for a drop to $8.90.

AT&T (T)

AT&T continues to look really weak. The stock continues to fall after failing at resistance at $31.20 and suggests a decline to $28.92.  In fact, according to data from SmartStops, the equity just entered an elevated risk state indicating there may be further declines ahead.

Blackberry (BB)

I have really screwed up this Blackberry, after weeks of getting it right. I guess I ran out luck. I don’t know; I have to think about this one.  The RSI really bothers me though.

Micron (MU)

Micron is another one that has turned against me. This one appears to be entering a region where it should find support around $36 and bounce.

AMD

AMD also has turned sour. A drop below $22.80 means $21 is coming.

Amazon (AMZN)

Amazon is failing at this downtrend. I really thought this time it would break out. We will need to watch this one closely now.

Netflix (NFLX)

Netflix is another one that struggled at the downtrend. But I noted today, I was seeing bullish activity in the stock. Big Options Activity On Netflix

Back tomorrow

-Mike

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