Stocks Jump On January 3 Ahead of Massive Data Dump

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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1/3/2022

STOCKS – TSLA, QCOM, AMZN

MACRO – SPY

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MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN TSLA

Tomorrow will mark the start of a lot of economic data, and we should start to get a better sense of how the market feels about this data. We have been in a vacuum of no real news, and the S&P 500 has been hovering around this 4,800 region with minimal movement.

The index was stuck most of the day between 4,780 and 4,785 and made a late-day break back to 4,796. Interestingly, the pattern on the daily candles, starting on December 27, with a green bar, followed by a red bar the next, followed by a green bar, then two red bars, and then a green bar. The same pattern occurred on December 8 through December 16, with a green bar, followed by a red bar, then a green, followed by two red bars, followed by a green. I mention this because the next bar on December 17 was a big red bar lower. Maybe it’s something, maybe it’s nothing, but I noticed it and found it odd and seemed obvious.

Tesla (TSLA)

Today, Tesla was up nearly 14% after reporting more deliverers than expected in the fourth quarter. The company had a great year, and a lot of that good news has been priced in. I’m not sure what takes Tesla to the next level now. The stock appears to be heading for the gap of $1220, which has been open for a while now. Gap fills with this magnitude are very important and will likely give us a sense of the next move.

Qualcomm (QCOM)

Qualcomm has a spacious pattern forming; it looks like a Head And Shoulders pattern. We won’t know for sure until it breaks below $171 or rise above $190.

 

Amazon (AMZN)

Amazon looks like it is ready to make a big move. It has a wedge forming, with a longer-term uptrend and a shorter-term downtrend meeting. This consolidation could last another few days, but that’s about it; after that, it will have a move one way or another. I’m not guessing what happens.

Have a good evening.

Mike

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