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November 29, 2019
Stocks: AAPL, AMD, NVDA, BABA
Macro: SPY
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN AAPL
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MACRO
S&P 500 (SPY)
Stocks finished the abbreviated trading session lower on November 29, with the S&P 500 falling by roughly 40 basis points. Losses accelerated around noon on headlines that the US was weighing options to make more restrictions for companies selling to Huawei.ย It is potentially; a warning shot to remind China that phase one of the trade deal is still not complete, with the December 15 tariff deadline now two weeks away. It is hard to say that Friday’s trading action is indicative of anything to come, given the short day and light volumes.
If the market chooses to pause or pullback, this would be an ideal place for that happen, regardless of any news event. The index hit a level of resistance around 3,150, as we expected, and is likely to either trade mostly sideways here until the middle of next week, or until it reaches the uptrend, likely early next week. That has been the pattern of late as the chart below shows.ย
There is, of course, a gap at 3,110 to fill as well.ย
STOCKS
Apple (AAPL)ย
Apple’s stock was mostly unaffected by today’s headlines, which is surprising. The equity, like the S&P 500, continues to bounce around in the trading channel.
Nvidia (NVDA)ย
Nvidia looks as if it may be ready to fill the gap at $212, following the significant upgrade it got last week.
AMD (AMD)
It is beginning to look as if AMD is forming a descending triangle, and that means the shares may be heading lower.
Alibaba (BABA)
Alibaba may be topping out, and I noted that in a free Seeking Alpha article today, based on bearish call selling and the stock hitting resistance at $202. –ย Alibaba Stock May Be Topping Out
Happy Thanksgiving
-Mike
Mott Capital Management, LLCย is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Past performance is not indicative of future results.ย