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March 31, 2020
Stocks – AAPL, AMD, MU, BAC
Macro – SPY
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN AAPL
Mike’s Reading The Markets Premium Content $35/Month or $300/Year:
- Afternoon Cirrus Show – Midday Update
- Wild Trading Day In Store – Morning Commentary 3.31.20
- History Suggests Long-Term Trends For Stocks Still Intact
S&P 500 (SPY)
Well, the first quarter is a wrapped up, and it wasn’t good by any account, with the S&P 500 finishing lower by 20%, and about 23.7% off its highs. Now, that rebalancing is over, and a slew of economic data is coming, it will be interesting to see what happens.
What has become clear to me, as I mentioned in the after podcast, the sellers want to keep the S&P 500 below 2,650, and that is apparent after the index failed at that level on several occasions the last few days. Premium content – Afternoon Cirrus Show – Midday Update
There is also a new downtrend I have marked on the chart today, and it seems strong based on trading the last couple of days.
Also another “warning sign” here, is that the S&P 500 is falling on heavy volume and rising on light volume, not a good sign. Indicates that buyers aren’t as plentiful. Also that RSI has now flattened out.
I’m sorry to say; I do not like the looks of the stock market going into the second quarter. It just doesn’t look all that appealing. Then you have the ISM and ADP tomorrow, followed by jobless claims on Thursday, and more ISM and Jobs data on Friday. There is just a lot that can wrong; who knows, maybe I will be wrong.
Apple (AAPL)
Apple hasn’t been able to get back over $258, and that is another negative for the S&P 500. It likely means that Apple is heading lower to $234.
AMD (AMD)
AMD fell through a rising wedge and broke support today at $46.25. I think it is setting up the stock to drop to around $42.95.
Micron (MU)
Micron is sitting on support at $42 with a break sending the stock down to around $39.25.
Bank of America (BAC)
Bank of America has struggled around $22, with a turn lower likely come back towards $18.25.
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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