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December 2, 2019
STOCKS – NVDA, AMD, AAPL, ROKU, BA
MACRO- SPY
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN AAPL
Reading The Markets Premium Content for December 2:
- What A Return To Global Growth Means For 2020
- Stocks Slammed On Weaker ISM Report
- MORNING COMMENTARY 12.2.19
MACRO
S&P 500 (SPY)
Stocks finished the day lower following dissappointing ISM PMI data coming in at 48.1 versus estimates of 49.4. It correlated to a GDP growth rate of 1.5%. Not great, but considering the fears we had at this time than last year, it’s not that bad either.
However, the S&P 500 did fall by about 80 basis points to 3,115. The SPX bounced right off of support at 3,110. But, it also fell through the uptrend we had been monitoring throughout November. Even worse, we see that the SPX failed to retake the uptrend when it tried late on Monday afternoon.
The good news is the RSI fell sharply today, from roughly 75 to 58. The bad news is that the RSI still likely needs to fall further. That said, I think that the S&P 500 still has some further to fall, perhaps to around 3,080.
STOCKS
Roku (ROKU)
Roku was crushed today; it did manage to hold support at $135. I don’t think it is finished falling either; the stock isn’t even oversold, and very overvalued. I think $122 is in the stock’s future, sorry Roku bulls.
Nvidia (NVDA)
Nvidia fell hard today, and I think the stock may have finally cracked. It is now well outside of the rising wedge, and back below support at $212. I think the $198 is in its future.
AMD (AMD)
AMD continues to trend lower, too, and the pattern is resembling that descending triangle I mentioned last week. A drop below $38.40 pushes shares to $37.20.
Apple (AAPL)
Apple moved out of the uptrend, and now the stock is likely to fall to around $260.
Boeing (BA)
Boeing looks like its ready to retest the lower end of the channel around $320.
Have a good one
-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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