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April 28, 2020
Stocks: GOOGL, AMD, QCOM, NFLX
Macro: SPY
Michael Kramer and the clients of Mott Capital own GOOGL
MIKE’S READING THE MARKET PREMIUM CONTENT –
- Stocks Fall Ahead Of Big Earnings Weeks
- Has The Discounting Mechanism Changed? Morning Commentary
- Stocks Rise Again
- The Velocity Of MZM May Drive Rates Even Lower
S&P 500 (SPY)
Stocks had an exciting day rising by over 1.5% to start the day only to give back all of those gains by days end. The index rose to roughly 2915 and quickly turned lower. The region around 2,900 is where a large amount of open interest on the S&P 500 index options resides, and it would suggest it is an area where dealers are short futures to hedge away their risk. I talk about more in today’s morning commentary. Premium content – Has The Discounting Mechanism Changed? Morning Commentary
That region is likely to continue serving as a healthy resistance level with support around the 2,845 level for now. We can see that the index continues to get rejected at the March low uptrend. Again, there is flattening taking place in the RSI; an is acting as an indication of fading momentum. Also, there is a change in the slope of the advance off of the March lows, notated with the purple lines. The index did manage to finish right at the lows of the day.
AMD (AMD)
AMD is falling after reporting what appears to be inline earnings a weaker revenue, but the guidance looks to be weaker. I will try to get more details later on those results. For now, the stock needs to hold support at $53, to avoid a more profound decline to $50.80.
Alphabet (GOOGL)
Alphabet shares are rising after reporting better revenue on weaker earnings. For now, not much has changed from a technical standpoint.
Netflix (NFLX)
Netflix shares fell sharply after dropping out of the descending triangle and is still likely on its way back to $386.
Qualcomm (QCOM)
Qualcomm will report results tomorrow, and I still think this one heads back to $65.
Ok, that’s all. I have to go write up Alphabet.
-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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