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STOCKS – ADBE, PYPL, DDOG, WDAY, SPLK
MACRO – SPY, QQQ
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- Sell-Off May Be Closer To The Begin Than The End
- SPY VS QQQ – NEED TO KNOW
- Nasdaq 100 Facing More Losses – Morning
- Stocks Turn Eurphoic- Midday
- Bearish Betting Persist For NVIDIA
- Gap Higher, Then Fill? – Morning Commentary
- NASDAQ IS RIPE FOR A SIZEABLE DROP – WEEK AHEAD
- JPM May Jump As Much As 10% Followings Its Quarterly Results
It was a fantastic trading day, with the QQQ whipping like a flag on a windy day. The day closed with a massive $4 billion buy imbalance that drove equities higher in the final 10 minutes. Not many changes from the perspective of the NASDAQ 100 ETF, with the QQQs, up about 70 basis points, the ETF managed to fall to around $252, which completed a gap fill from July 2. Whether that ends the sell-off or not, it is impossible to know for sure. But I still think the sell-off is not complete until we reach the lower bound of the trading channel, and that is around $247.
Workday (WDAY)
Some of these software stocks have seen real damage. Workday drop below an uptrend that has been rising against since March. The stock could be on its way lower to $169.
Splunk (SPLK)
Splunk also broke an uptrend, and that could indicate a decline to $170, is coming.
Datadog (DDOG)
Datadog also broke an uptrend, maybe with a push down to $80.
PayPal (PYPL)
PayPal, you can read more here in this free story. Free Content – Momentum In PayPal Stock Is Quickly Shifting
Adobe (ADBE)
Adobe came close…
It isn’t a coincidence this happened because these all move together, but I’m not sure what it means. It could be the start of a broader sell-off in the group, and thus the Qs. Or it could merely be a one day glitch and we resume the uptrend tomorrow.
I would tend to think it is not a glitch and that it is the sign of a broader sell-off, but only time will tell, and I will continue to watch these names closely, as you should too.
-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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