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April 14, 2020
Stocks – JPM, JNJ, BAC, INTC
Macro: SPY, QQQ
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Here are some recent titles:
- Stocks Fall With The Potential For More To Come – Midday
- Seeing A Lot Of Bearish Options Betting – Morning Commentary
- Getting Ready For Earnings Season – The Week Ahead
- Short-Term Rally May Be Coming To An End
- Stocks Rally But Some Sectors Are Critical Spots
- Big Bets Nvidia’s Stock Drops
Stocks are pointing to higher opening today, regaining some of its losses from yesterday. It seems a bit confusing to me at the moment in terms of what happens next, because there is so much going on at this point. The momentum is clearly behind stocks rising, but at the same time, the disconnect from what is happening in the market place and the economy grows more significant. The risk/reward ratio appears to favor the downside and not the upside.
S&P 500 (SPY)
The technical setup in the S&P 500 continues to indicate that stocks are likely to move lower towards $263 on the S&P 500 ETF. But we can wait and see; the markets don’t seem to agree with me lately.
Nasdaq 100 (QQQ)
The QQQ is also showing some signs of fatigue, with two bearish patterns forming, a bump and run, and a rising wedge pattern. It would indicate that the ETF falls to around $192.
So we can wait and see what happens.
Johnson and Johnson (JNJ)
Johnson and Johnson reported better than expected earnings and revenue. But the guidance was cut, as widely expected. The company now sees earnings of $7.70 at the midpoint of the range, versus prior guidance of around $9.03 at the mid-point. Analysts had been looking for earnings of $8.08. The stock is rising by about 4%, so perhaps it is better than the whisper number, but still, resistance appears to be around the $144 to $145 region. The pattern in JNJ isn’t all that different then what we have seen in the S&P 500.
JPMorgan (JPM)
JPMorgan reported results that missed on both the top and bottom line. It will be what the company talks about on the conference call. At the moment, the stock is unchanged, and should it fall below $97.50; the stock could fall to around $87.50.
Bank of America (BAC)
Bank of America will report tomorrow, and this stock has fallen below an uptrend and is sitting on support at $24.25. I had seen some bearish betting in BAC yesterday, and the chart indicates the stock could fall to $19.50. Free article Bank Of America’s Stock May Drop Sharply After Results
Intel (INTC)
Intel is rising in a trading channel and is now trading at resistance at $59.75, and is moving towards the lower end of the range. A break below $56 sets up a drop to $53.60.
Good luck today!
-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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