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APRIL 30, 2020
STOCKS – AAPL, AMD, AMZN
MACRO- SPY, QQQ
FUNNY LEVEL – PRETTY HIGH
DON’T FORGET TOMORROW MORNING ISM PMI 10 AM- DON’T MISS IT!
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN AAPL
Mike’s Reading The Markets Premium Content
You see, how do you like that! A little reverse psychology, reserve the curse, jinx the trend, and the market goes down. Was that it that easy all along, do I just have to become a bull again to get the market move lower. LOL. I’d love to think that I am the center of the market’s universe, and it is merely here just to prove me wrong. But I mean, come on? Ahh, so the last six weeks have been; I guess you can say challenging for me, but hey, if you’re not fighting the Fed, you aren’t living.
S&P 500 (SPY)
Anyway, today is going to be quick because I have some post-earnings reports to get out. Nevertheless, the market fell today about 1ish% to finish around 2917. Tomorrow starts the Sell In May and Go Away trade, maybe. I never believed these old tales, but after the best month in 30+ years, it seems hard to think we can continue….errr fall ;).
No, but seriously, we can see there is still a clear uptrend in the market, and what appears to be rising wedge. I have been faked out by these rising wedge in the recent past. So, I’m watching it, but we need to fall below 2,845 to confirm a breakdown.
Meanwhile, the NASDAQ is rising in this near-perfect trading channel since the March lows. A drop below 8,725 is trouble.
Amazon (AMZN)
Meanwhile, Amazon is falling after hours after missing earnings, delivering slightly weaker than expected revenue guidance, and saying it was going to spend a lot in the second quarter. Basically it is trading at the lower end of the trading range since the middle of April.
Apple (AAPL)
Apple also beat on the top and bottom and provided no guidance. The stock has a tough time around $295 level as long as it says over $265 it’s ok.
AMD (AMD)
AMD didn’t have a great day, and it needs to find a bounce here, or a test of $50.85 is not only coming but likely in trouble.
I still don’t understand this Facebook. You can read more in this free article I wrote for Forbes. Facebook’s Stock May Struggle To Climb Amid A Bleak Outlook
Good Luck!
-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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