Stocks Fall On May 17 As Twitter Sunday Looms on the Horizon

Stocks Fall On May 17 As Twitter Sunday Looms on the Horizon

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May 17 – Stock mentions: Nvidia, Micron, Broadcom, Alibaba, Boeing

The good news is that the market held the day’s lows, and was pretty resilient most of the day. Even better, the S&P 500 was up at one point, rising over 2,880. The bad news, a) its Friday and who knows what kind of tweets there may be over the weekend, b) there was also news that the trade talks are breaking down.

S&P 500 (SPY)

So by the end of May 17, the gains were gone, finishing the day where we started, down about 50bps. In my view it was a solid showing this week, finishing pretty much untarnished from last week and that’s a win in my book given Monday’s dive.

S&P 500, spx, spy, may 17

Nvidia (NVDA)

It turns out Nvidia not only gave back all of its post-market gains from last night, but it also fell from yesterday’s close. I continue to think this stock is heading even lower. The conference call did not read well, and I get the impression they have limited visibility. I broke down Nvidia and AMD’s conference call in .a premium, showing the stark contrast between the two calls. AMD And Nvidia 2 Opposing Points Of View.

nvidia, nvda

Alibaba (BABA)

Alibaba continues to perform poorly, and I think it may only continue to get worse for the company as the Chinese yuan devalues. $166 is the last line in the sand before a drop to $150.  (Premium content: How China May Battle The Tariffs)

alibaba, baba

Micron (MU)

Micron fell below support at $36.40; it may open the door to $34.

micron, my

Broadcom (AVGO)

Broadcom has done a good of holding on to support around $289. But it seems at risk of now falling to $273, especially if this trade stuff escalates.

broadcom, avgo

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Boeing (BA)

Boeing may be creating a bear flag, perhaps setting up that drop to $326.

boeing, ba, may 17

More this weekend.

-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.