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April 23, 2020
Stocks – JPM, BAC, XLNX
Macro – SPY, QQQ
MIKE’S READING THE MARKET PREMIUM CONTENT:
- STOCKS LOOKING TO JUMP, BUT RESISTANCE MAY BE TOUGH
- Bearish Betting Continues In Qualcomm
- On The Wrong Side Of The Trendline
Well, markets are pretty much flat at the moment waiting for the big data dump that starts at 8:30. What have seen so far today out of Europe is not pretty. The Market Flash PMI for the Eurozone composite came in at 13.5 vs. estimates for 26. Services were even worse at 11.7 vs. estimates of 24. The report notes that it is the equivalent of the economy, contracting a 7.5% quarterly rate. Great, I can’t wait to see the US reading.
Let me remind you that Germany is still 25% off its highs, and Italy is still 34% off its highs.
S&P 500 (SPY)
In the meantime, the S&P 500 ETF, now has a minor downtrend that appears to have formed, right around $281, so that becomes a critical price point as we go forward today.
NASDAQ 100 (QQQ)
We can see that a similar trend is forming in the Qs.
JPMorgan (JPM)
JPMorgan continues to sit on support around $87. It is a significant level, and when you combine that with a downtrend that has now formed, you can’t help but think the stock may be getting ready to take that next leg lower, and perhaps push towards $81.
Bank of America (BAC)
Bank of America has a similar bearish setup, with the potential to push to $19.50.
Xilinx (XLNX)
Xilinx is trading lower today following results last night. The stock hit a wall around resistance at $91.75. It does have two levels of support to look for, one at $83, the other at $80.
Back later
-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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