Stocks went nowhere on June 12, but there are signs that they could be on the verge of a break out on June 13.
Stocks went nowhere on June 12, but there are signs that they could be on the verge of a break out on June 13.

Stocks May Be Getting Ready To Take Thier Next Leg Higher

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June 12 – Stock Mentions: SPY, QQQ, IWM, SMH, AAPL, AVGO, TSLA, SQ, SNAP

Michael Kramer and the clients of Mott Capital own AAPL and TSLA

Michael Kramer own SMH Calls

Boring, perhaps. Frustrating, yes. It was a frustrating day. There were a bunch of the indexes just stuck in the mud. Maybe the buyers are tired, or perhaps they are thinning out. Whatever the case, the sellers seemed to be able to keep a lid on things holding key levels across many indexes.

S&P 500 (SPY)

The S&P 500 was one of those indexes just hanging around resistance in the 2,880 to 2,885 zone on June 12, not able to crack 2880. I think I redrew the chart about five times throughout the day. Each time in search of the trend. Right now, it is pretty simple because that trend is lower.

I have settled on this trading channel. It could be the start of a bull flag, maybe. It’d be great if it were, it would mean the S&P 500 is on pace to rise to 3,040. As of right now, it may only be wishful thinking. (Premium content: 2 Big Indicators To Watch)

However, if it is the case that it is a bull flag forming there are signs that it could break out tomorrow, based on the Russell chart below.

spx, s&p 500 6/12/19

NASDAQ (QQQ)

We can see there is a very similar pattern that as formed in the NASDAQ.

nasdaq, june 12

Semis (SMH)

I think the Semis may be secretly sending us a black swan message. Like the bond markets two weeks ago that was sending the smoke signal of an imminent recession. What do you think? LOL. Oh, I crack myself up sometimes. Get it.

Well, maybe it looks more like a bird or duck then a swan. Anyway. I’m still laughing. Hey, you have to fun if you expect to have any longevity in this business.

Russell (IWM)

The Russell got held up on June 12 at 1521, and this index has to break out. You can see the setup —

uptrend+breaking of downtrend = breakout above 1,521.

Let us hope it does on June 13.

russell, rut‘Apple (AAPL)

Apple is trying to break out at $195, and there is a good chance that happens tomorrow if we can get that break out on the indexes. Or better yet, maybe AAPL leads that breakout! Now that’s a thought!

apple, aapl,

Broadcom (AVGO)

Broadcom reports results on June 13, and what they say is pretty essential on several levels. AVGO filled the gap fast then I thought. It tough to say where AVGO goes after earnings now.  I’m thinking the momentum favors AVGO rising.

avgo

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Tesla (TSLA)

Tesla couldn’t get over $225 on June 12, but I think it shall. The trends are shifting, and momentum is shifting. We will see what happens in the next day or two. There may even be a “leaked” email or two over the two weeks to help, who knows! The quarter end push is quickly approaching.

tesla, tsla june 12

Square (SQ)

Square looks like it is getting ready to go to $75. It has consolidated the last two days nicely.

sq, square june 12

Snap (SNAP)

Snap is starting to see some bullish momentum and it could be on its way to $16, you can read more in this free article I wrote today. Snap’s Stock May Climb Even Highersnap, june 12

Have a good night!
-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. TSLA June 12

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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.