This column is my opinion and expresses my views. Those views can change at a moments notice when the market changes. I am not right all the time and I do not expect to be. I disclose all my positions clearly listed on the page, and I do not trade my account on the stocks spoken of in this column unless fully disclosed. If that does not work for you stop reading and close the page. Do not bother me or harass me.
Otherwise, enjoy the column!
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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)
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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.
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 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 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
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