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MAY 21L 2020
STOCKS – INTC, AAPL, CSCO
MACRO – SPY
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN AAPL
Mike’s Premium Content $35/MONTH OR $300/YEAR –
- Stocks Rise, But With No Confirmation And Signs Of Fatigue
- I’m Sorry, I Still Can’t Be Bullish – Midday
- Bets Mounting Gilead Drops
- Still Waiting – Morning Commentary
Stocks are pointing to a slightly lower opening, certainly, nothing that is scary or concerning, a mere 35 basis points or so. We d0 get initial jobless claims and the Philly Fed at 8:30, along with the flash PMI at 9:45, Existing homes sales at 10 AM, and Jay Powell at 2:30. Are any of these likely to be market moving? Probably not at this point. If anything, initial claims have acted as a positive for stocks for several weeks now.
The Eurozone PMI data today indicated that the second-quarter GDP is tracking 10% below the first quarter. The weak data is weighing on European markets, with Germany trading down by over 1%. But mainly the index has gone nowhere for weeks.
At least for today, the S&P 500 ETF has resistance around 3,000 and support at 2,900.
Intel (INTC)
Intel has been steadily rising and is nearing a harsh resistance region around $64, which completes a gap fill February 21.
Cisco (CSCO)
Cisco has also basically completed its gap from February 21. Typically once these gaps are filled, a stock reverse to the direction of the prior trend, which in this case is lower.
Apple (AAPL)
Apple’s stock is now is hugging the uptrend, while the RSI is now nearly overbought. The stock needs to be watched closely for a break of the uptrend and support around $311. a break of that support could trigger a decline to around $295, and potentially $265.
Have a good one
-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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