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Janaury 24, 2020
Stocks: BABA, SQ, NFLX, ROKU
Macro: SPY, XBI
S&P 500 (SPY)
Stocks dropped on January 24, no real surprise, right? I have been looking for a reversal since late last week, and finally, we saw a little bit of a pullback. The index managed to fall to roughly 3,282, which is a minor level of support for the S&P 500. At this point, I do think there is likely further to fall; however, with that said, I would think it first rebounds and retests 3,300. I do believe we are heading towards 3,250.
Biotech (XBI)
The biotech ETF (XBI) got smoked today, falling by almost 3%, but more importantly, falling below support $91.50. It probably setups a gap fill to around $88.
Netflix (NFLX)
Netflix had a good day, building on yesterday’s gains. It was impressive, especially on a down day. I’d like to see the stock close above $362 before thinking about what’s next.
Roku (ROKU)
Roku fell today but still managed to hold on to support around that $128-130 region.
Alibaba (BABA)
Alibaba is on the cusp of a big break down, testing support. If it breaks it $211, it could fall to around $201.
Square (SQ)
Square got a significant upgrade today at Credit Suisse with an $84 price target. I noted Square was breaking out today, along with some bullish options betting. Premium content- Square Is Breaking Out – BTW, the 2-week FREE trial period offer is ending on Saturday. SO if you want to try the service out now is the time.
-Night
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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