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Stocks Near Big Breakout, Tesla Shorts Can’t Win, Booking May Fall 12%
MICHAEL Kramer AND THE CLIENTS OF MOTT CAPITAL OWN SHARES OF NFLX AND TSLA
Netflix had a nice bounce back today, rising to $327. But noticed where the stock failed on the chart today, right at resistance around $332. That price will be crucial tomorrow to know if today’s rally was a one day bounce or a sign of a turn higher in the stock. A rise above $332 likely sends the stock back on towards $357.
Amazon fell again today, and is stepping it way lower, and continues to look as though $1840 is still in play.
Months ago I highlighted why the shorts can’t win in Tesla, from January and bunch of other thoughts. An Intelligent Way Of Looking At Tesla’s Results
The chart on Booking doesn’t look particularly strong. I could make a solid case for shares to decline to roughly $1.630 from $1,860, a drop of about 12 percent.
The moment of truth is coming for the 10-year treasury butting up against support at an uptrend. Should yields break 2.80, they may have much further to fall to 2.6 percent.
That is going to be it today, good luck tomorrow.
Michael Kramer is the Founder of Mott Capital and the creator of Reading the Markets.
I started learning to invest when I was 16 years old. At 40, I have pieced together a long career on Wall Street, working as an analyst, and a domestic and international equity trader at two multi-billion dollar equity firms.
I started Mott Capital in 2014 to follow a passion and dream of being in control of my career path.
The idea behind Reading the Markets was to help both individual and institutional investors benefit from my experience in the business and my unique approach to dissecting stocks and the markets, which helped me become a great trader.
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