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September 16, 2020
STOCKS – SHOP, UBER, NVDA
Macro – SPY, QQQ,
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S&P 500 (SPY)
Stocks are falling this morning following a pretty wild overnight futures trading session that saw those futures fall all the way to 3,312, and down nearly 1.9% at the trough. We did manage to find support, which brings us to our next essential level. A break of 3,312 gets the market taking its next leg lower. So this is an essential region for the markets. Hold support, and we can see a sharp bounce, break support, and the next stop is around 3,200.
Meanwhile, the Qs are falling to around $271.50, and at this point, filling that gap from Monday’s open.
I really don’t like the setup in the charts, and I fear the next leg down is upon us. I guess we are going to find out really soon.
UBER (UBER)
Uber looks like it could see a relatively sharp pullback as it sets up a double top pattern. A break below $35.75 pushes the shares further to around $34.35.
Nvidia (NVDA)
Nvidia is getting closer and closer to that long-term uptrend. That could be a big problem for the stock should it break. I still can’t believe they paid 20 times sales for ARM when the company has hardly any revenue growth since Softbank bought the company in 2016 for only 17 times sales. Lol. Amazing. I also wonder if anyone has realized that this deal is about 7% dilutive to existing holders.
Shopify (SHOP)
Shop is getting close to support at $850, a break of support sends the shares even lower to $740.
Good luck!
-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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