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11.19.20
Stocks – AMZN, NVDA, BKNG, SHOP
Macro – SPY,
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- Buyers Are Still Tired
- Stocks Drift, Will Nvidia Save The Day?
- Stocks Continue To Struggle At Resistance
- Bonds Signaling Double-Dip Recession?
- 2 Long-Term Theme Ideas And Valuations
- Signs For A Drop To 3200 Mount
- More Bearish Bets Placed On The SPY
- Bonds/Dollar Not As Excited As Stocks
- On Watch For A Sharp Pullback
Maybe it is the grey and cloudy day here on Long Island, but the market was just utterly boring to me. Just nothing going on, except a late day spike on some stimulus hopes. Outside of that, nothing.
The stimulus isn’t coming any time soon, I don’t know why stocks go up on this bogus news about talks. They haven’t even agreed on how to fund the government yet, but they are going to do a stimulus bill, common on man. It is not nonsense that the market even moves on this.
S&P 500 (SPY)
Tomorrow morning index options will expire at the open, so today may have been about positioning for that. I’m not sure. But most of the day, we traded flat. The index finished up around 40 bps, with most of the gains coming in the final hour.
On the S&P 500, resistance remains around 3,600. Support appears to be around 3,550 for now.
Nvidia (NVDA)
Nvidia even went nowhere today. Again, surprising after they reported better than expected numbers. But still, that excitement appears to be missing. It could be that the buyers are just tired or even finding new names to pile cash into. Whatever the reason, the stock did nothing, and the trend remains lower.
Amazon (AMZN)
Amazon’s chart continues to look less than impressive. Yeah, I know they can benefit from people being at home. But, hasn’t that all been priced in already. The chart looks terrible, along with an RSI trending lower.
Shopify (SHOP)
Shopify went up a little bit today, which was nice, but it failed to rise above resistance at $975. Not much really changed, and the RSI still says lower prices are coming; I agree.
Booking (BKNG)
Booking is still stuck around resistance at $2080 and can’t breakthrough. It is suggestive that the stock heads lower to fill the gap at $1800.
Take care
-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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