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JANUARY 23, 2020
Stocks – INTC, NFLX, NVDA, FCX
Macro – SPY
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN NFLX
S&P 500 (SPY)
Stocks were in a filling the gap mood again today, but this time it is filling up, instead of down. While the recovery off of the session lows was exciting, it didn’t convince me that all is perfect. Two main things worried me about today’s price action.
First off, the S&P 500 managed to now fall out of both rising wedge patterns. Also, the index managed to fail at resistance at 3,326 as it filled the gap. Meanwhile, it confirmed the breakdown from the rising wedge pattern and may have formed a new downtrend in the process.
Tomorrow will be a telling day, but the problem is it is Friday. Given the events taking place in Asia right now, I’m not sure how investors will feel about going long into the weekend. Saturday also marks the beginning of the Lunar New Year, and a lot of markets in Asia will be closed starting Friday.
Overall, the rebound today was nice, but I’m not convinced all is back to up. Sorry, I don’t mean to be a downer.
Intel (INTC)
Anyway, you know who is happy tonight, the Intel Option traders, that is who. Intel is soaring tonight after reporting –you guessed it, a beat and raise quarter! Why A Beat And Raise Quarter May Be On The Horizon For Intel
It was the datacenter that was strong, and that is sending the stock sharply higher, with shares smashing through resistance at $64 and now on track to reach their next level of resistance at $69.
Good for the options guys, I’m sure those contracts will be up a lot tomorrow. Betting Suggests Intel’s Stock Makes A Big Jump, Intel’s Calls Buyers Are Back, Rapid Update On Intel
Netflix (NFLX)
Netflix had a good day, finally snapping back. The way the stock traded higher and finally surged through that horrible resistance zone around $340, closing around $350. The way the stock behaved, it was as if the giant seller sitting on the stock the last two weeks was cleaned-up. Let’s hope it finally fills the gap to $360. See, I told you the trends were pointing to higher prices. 😛 and you thought I was crazy. 😛 Premium content- Netflix – Biggest Competitive Threat May Be Technology
Intel (INTC)
Well, the Intel results are likely a good sign for Nvidia. The stock is rising after hours too. I still think the shares can rise to around $268. Bets Being Placed Nvidia Rises Following Results
Freeport (FCX)
Freeport McMoran didn’t do so well for the options traders. I guess they don’t always win. The stock broke down today, finding support at $11.40 and then failing at resistance at $12.05.
That’s all for Today!
-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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