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August 12, 2020
STOCKS – SQ, AMD, ZM, CSCO
MACRO – SPY, XLK
Mike’s Reading The Markets (RTM) Premium Content – NOW WITH A 2 WEEK FREE TRIAL
- S&P 500 At THE Critical Moment
- Risk-On Still Under Stress
- Rotation Still In Force, Watch Tech Carefully
- AMD’s Overextended Stock Could Drop 7.5%
- For Now, Rotation Trade Is Keeping S&P 500 Afloat
- Waiting – Morning
- Key Guages To Watch For The Week Of August 10
- Earnings Trends Continue To Improve – Positive For Stocks
Stocks managed to regain today, what they lost in the final hour of trading yesterday. I’m not sure that much changed though from the recent trends. It just seems as if the weaker dollar may have added some fuel back to the risk-on trade. Perhaps it has become as simple as that; there is not much else for me to look too, to explains today’s action.
S&P 500 (SPY)
The index did manage to rise back to and test the break of the rising wedge today; it did find resistance at that level. Unfortunately, it also probably means we fill that gap lower tomorrow.
Technology (XLK)
The XLK technology could never get past resistance in the $114 zone, which I think maybe a big deal, especially if we trade lower tomorrow.
Square (SQ)
Square just continues to hug that trend line higher; at some point, it’s going to break. When it does, $117 seems to be the next stop.
It took longer than I thought it would be Zoom finally got my $227 target.
AMD (AMD)
AMD’s trading makes little to no sense some days, and today was one of those days. I’m curious to see what happens tomorrow. It seems the support level is at $75, but the question is which way is the trend.
Cisco (CSCO)
Cisco plunged after hours from weaker guidance and news their CFO was retiring. The stock found some support at $45.50. I’m not sure that there is anything special about that place, so there may be some more downside to the stock.
Good night
-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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