Stock mentions: FB, AAPL, TSLA, AMD, GOOGL
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN TSLA, GOOGL, AAPL
Stocks finished lower by ten bps. Technology was a hit a bit hard with the Nasdaq down by 60 basis points. There is not much that changed based on today’s price action.
The big event happens tomorrow with the FOMC set to decide on rates at 2 PM. The CME Group is projecting a 97.3% chance of a rate cut tomorrow. There should be no surprises tomorrow. The question is, how does Powell position future rate cuts? At this point, the market is not expecting a rate cut in December. So anything that suggests more rate cuts will be viewed as a positive. I think the Fed will use the opportunity the market is giving it and pause here for a bit.
Facebook continues to test resistance at $191, and I still think there is a good chance this stock trades lower towards $181 in the days ahead.
Tesla fell some today, and don’t be surprised if it continues to fall back to $300. It is fine and healthy.
I’d be thrilled if Apple could fall back to $237 before the company reports tomorrow night, and then pops after results. That would be the best-case scenario.
I am completely shocked that AMD can trade higher in the after-hours following an inline quarter on the top and bottom, and a slight miss on guidance. The way this stock traded higher into the quarter, it should have had a big beat or something more than inline. Shocking. Enjoy it, it won’t last. Support comes around $31.40
See premium content from today – AMD BEARISH BETTING HEADING TO RESULTS TONIGHT
Yet, Alphabet trades down all day, on basically a non-operational line item. I give up!
See you tomorrow.
Oh wait, now AMD is falling –that’s more like it!
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.