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October 7 – Stock mentions: SPY, XLF, TSLA, DIS, GILD, AMD, and CRM
Michael Kramer and the clients of Mott Capital own DIS, TSLA
I will be doing a live webinar on October 9 at Noon ET. It will be hosted by Interactive Brokers and is FREE to join. There will be a Q&A session, as well.
Mott Capital – Yield Inversion Creates Long-Term Opportunities
S&P 500 (SPY)
Stocks didn’t have a great day, with the S&P 500 falling by 50 bps. It had been trading roughly flat until about 2 pm. That was when some headline on trade came across, that got the market moving lower.
Overall, the decline wasn’t terrible, with the index falling to the support region around 2935. The index is right on the uptrend, and it will be essential tomorrow to see the index rise and bounce off this support region. A drop below 2935 probably sets us up to fill the gap down at 2910. Certainly not what I would want, but tomorrow will only be Tuesday.
Despite the negative day, I did observe some exciting options activity for the SPY. I broke it down in a video for paying subscribers. Options Bets Suggest S&P 500 Rise To 3,100 By Year-End
Financials (XLF)
The financials stocks are seeing some bearish betting taking place, and the chart doesn’t look great. Here is the article along with the audio file to explain what I see here for paying subscribers-Â Here’s Why Financials May Be Heading Lower
Tesla (TSLA)
I talked about Tesla today in the mid-day update and noted that I thought the stock could fill the gap back to $242. We got halfway there today. Stocks Look Solid Despite Negative Headlines
Disney (DIS)
Disney broke the downtrend today; now it needs to get over $133 to be on its way back to $142.
Gilead (GILD)
When you look at a chart of Gilead, you can sit and wonder how much longer the stock can go nowhere. Then you realize that a giant, descending triangle has formed. GILD’s next move will likely be lower at some point in the not to distance future.
AMD (AMD)
AMD was having a remarkable day until the news around 2 PM on trade. Then stock gave everything back. My outlook remains unchanged.
Salesforce (CRM)
Salesforce fell to and bounce off support at $144, and perhaps now it can make its way to $155.
Have a great day!
-Mike
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Charts used with the permission of Bloomberg Finance L.P. 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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