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October 24, 2020
Stocks – UBER, INTC, QCOM
Macro – SPY, VIX
S&P 500 (SPY)
It was a rather dull Friday, again. But the S&P 500 managed to finish the day higher by around 35 basis points. it also managed to finish just slightly over the downtrend. Some solid follow through on Monday, would constitute a break out pattern, the start of a run higher towards 3605.
The momentum and breadth of the market appear to be favorable to see some follow-through for next week. I still think there is a shot for the index to get to around 3,605 before the election, although the window may be closing if a move doesn’t start on Monday.
VIX
The VIX drifted lower all afternoon, and that drift is what helps to supply the energy for the index to rise, as implied volatility comes down, dealers need to up their gamma exposure to stay neutral thus pushing indexes higher.
Intel (INTC)
Intel was a complete disaster, and it really ruined my day. Certainly, a big disappointment. I think I have said that 10 times now. The only good news is that the stock held support at $48.20, otherwise nothing positive here.
Qualcomm (QCOM)
Qualcomm’s chart looks rather bullish, with perhaps a break out coming early next week.
UBER (UBER)
Uber continues to trend, and there is more room to run before hitting resistance at $38.
Back with more this weekend
-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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