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12/6/21
STOCKS – GE, NFLX, UBER
MACRO – SPY, QQQ,
- RTM: Stocks Rally, As Fed Fund Futures Price First Hike In May
- RTM: Global Market Deleveraging Event Is On The Horizon As Market Prepares For Faster Fed Taper
- RTM- Market Has Woken Up To The Reality
- RTM- Snapback From Oversold
- RTM: The Fed Is Tapering Into Slowing Growth Narrative Has Arrived
- RTM- Taper Still On And Is Not Going To Sit Well With Stocks
- RTM- Replay Of Live Session
TODAY, the S&P 500 jumped by about 1.2%, following a sharp move lower in the VIX. It was the usual implied volatility dump and equity market pump. Nothing special. Maybe a portion of it was some relief that perhaps the new covid variant might turn out to be less severe, but I still contend that declines of last week had little if anything to do with covid, to begin with.
The S&P 500 topped out today around 4610, which also happened to be the highs from Friday before the big dump lower. At this point, there is not enough here to change any viewpoints. There was nothing special about today, and it was pretty dull. I still see 4360 coming.
NASDAQ (QQQ)
The NASDAQ futures are trading in a strong channel right now and moved higher today to resistance at 15,900 and stopped. We should see a reversal lower down to 15,530 again over the next two.
AUDJPY
The AUDJPY FX cross looks like it may be ready to take another tumble, with a move down to 77.95 or so. It has been a good leading indicator of where the S&P 500 goes and is a good way to gauge the overall risk appetite in the market.
Netflix (NFLX)
Netflix is fighting for its survival right now, as the stock sits on a significant uptrend. However, the RSI uptrend is broken, which suggests the uptrend in the price should also break.
Uber (UBER)
Uber snapped higher today, and it has some tough resistance at $38.85 that needs to be cleared; after that, it has a shot at $43.
GE (GE)
GE fell through support the other day at $95.75, and today it climbed back to that price, but failed to push through, which seems to be a common trend across the market today.
Have a good one.
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. Past performance is not indicative of future results.
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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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