Subscribe to receive this daily commentary directly in your email
Independent macro and options research, published every trading day — $85/mo or $750/yr
Subscribe →September 30, 2020
STOCKS – BKNG, INTC, SHOP
Macro – SPY,
Mike’s Reading The Markets (RTM) Premium Content – NOW WITH A 2 WEEK FREE TRIAL
- Stimulus Hopes Boost Markets
- Well, That Was Interesting.
- More Negative Signs For Micron Ahead Of Results
- Stocks Still Held Below Critical Resistance
- The Bears Need To Take Back Control
- Don’t Fight The ECB – Morning
- 7 Themes For The Week Of September 28
That was one of the most bizarre trading sessions I have witnessed in some time, with future sharply lower overnight and then zooming higher after the open, to come crashing down in the final hour or so. There was a nearly 3% range on the S&P 500 futures from bottom to top, hoping for a stimulus deal.
Navigating The Market · By Michael Kramer Independent macro and options research, published every trading day. Daily written analysis covering gamma exposure, dealer flows, key levels, and the macro drivers moving markets. Includes full video access. Recent Subscriber Analysis
The futures finished the day below the downtrend and below the moving average. It gives me the sense of a failed breakout attempt. But with a lack of confirmation from the S&P 500 cash market, we are left to wonder what tomorrow holds. My feeling is that the futures drift lower overnight; we can put this into the camp of a failed breakout for the S&P 500 cash market too. If that is the case, we should find ourselves trading back below 3,300 relatively soon.
Booking.com filled the gap at $1,725 and appeared to be forming a bullish ascending triangle. Perhaps it leads to an advance to $1,795.
The Market Chronicles · Video Membership The daily market commentary, delivered in video. Same daily market analysis, in video form — available to YouTube channel members only. Latest Videos
Intel is very close to making a big move, potentially higher. It is now flirting with a break out at $52.20. If that happens, it has a big gap to fill. The RSI continues to trend higher, and momentum is entering the stock. It looks 50/50 now, but a break of resistance will be a big plus for Intel.
Shopify keeps losing more and more momentum. The stock’s RSI continues to move down, and I think this one is heading below $850. This is a hunch on my part. Typically, when you see such a negative pattern on the RSI, the stock price isn’t too far behind.
We’ll leave it there. I have only been working half days this week :).
-Mike
Mott Capital Management, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Past performance is not indicative of future results.
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.
Dispersion Is Being Pushed To the Max
Mott Capital's Market Chronicles 15 hours ago