This column is my opinion and expresses my views. Those views can change at a moments notice when the market changes. I am not right all the time and I do not expect to be. I disclose all my positions clearly listed on the page, and I do not trade my account on the stocks spoken of in this column unless fully disclosed. If that does not work for you stop reading and close the page. Do not bother me or harass me.
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July 22, 2020
Stocks – MSFT, TSLA, AMD
Macro – QQQ, SPY,
Mike Reading The Markets Premium Content – $35/Month or $300/Year
- AMD Breakout, Markets Holding – Midday
- Index At Razor Thin Levels – Morning
- Nothing Makes Sense Anymore
- Still Buying Puts On The Markets
- A Decpitive Bull Run – Morning
- Stocks Just Keep Going – Midday
- Bullish Betting Returns To GE
- Waiting On Key Vaccine Data – Morning
- AMD May Be Ready For A 10% Drop
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN TSLA, MSFT
Stocks rose today, aided by a $2.8 billion buy imbalance in the final 10 minutes of trading. The market, for the most part, struggled all day. The S&P 500 pretty much traded within the range that was established yesterday, in a sideways pattern.
The QQQ continues to test a critical support level twice today around the $262 level and held. It also managed to hold on to the uptrend that has recently formed. For now, the trend in the QQQ continues to be higher.
Microsoft reported great numbers but is falling after hours. There was nothing wrong with the results; I think it may just be a case of a stock getting ahead of itself going into results. It is hard to beat expectations when those expectations are already sky-high. The stock’s valuation, as I noted in this article, is at its highest valuation in 20 years. It is safe to say expectations were high. The big question is what happens at the uptrend.
Tesla also reported better than expected results and its fourth quarter in a row with a gap profit. The stock jumped following results, but I’m sure there will be plenty of people finding something wrong with the results. Resistance is around $1,710 and then $1,775.
AMD broke out on news of a new chip. Not wanted, I want to see. I had thought the stock was going lower toward $49. Instead, it decided to go higher and over $60. Bad call, it happens. There were plenty of signs lining up, suggesting shares fall, but it wasn’t meant to be. (premium content – AMD Breakout, Markets Holding – Midday)
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