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MAY 11, 2020
STOCKS – AMZN, TSLA, JPM, BA
MACRO- SPY, EWY
LONG-TERM TRENDS – CAUTIOUS
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Trends I’m Watching For The Week of May 11 – Free Video
Stocks are falling today with the S&P 500 ETF pointing to a decline of 45 basis points. There no headlines pushing the markets lower to start the week off, but markets are weaker around the world. South Korea finished the day down 54 basis points. Meanwhile, Germany is trading about 70 basis points lower today.
South Korea
The Kospi should be put on watch after reaching its April 28 highs and turning lower last night, to finish the days at the lows. South Korea is a crucial export economy, and the correlation between this market and the NASDAQ has been rather stunning.
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The bottom red section in the chart is the correlation coefficient, and we can it is has been tight, but since the end of April, there has been a divergence occurring, one we must watch.
S&P 500 (SPY)
The S&P 500 ETF also has a potential head and shoulders pattern forming in it and also must be put on watch here.
The pattern is a little more apparent in the S&P 500 Futures.
Amazon (AMZN)
Amazon is falling a touch this morning; on headlines, it is in talks to acquire the AMC movie theater chains. Amazon needs to stay above that uptrend to avoid that drop to $2095 we have been looking for.
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Tesla (TSLA)
Tesla is falling some today, after a Reuters report that the company sold just 3,600 Model 3 in China in April. I’m not sure how accurate this but, it is making headlines, and the stock is falling some in response. A drop below $760 probably pushes the shares back to $680.
Boeing (BA)
There is still very much a downtrend in Boeing’s stock, and it is still very much looks like a defending triangle, with the potential for the shares to fall that $102 to $103 level.
JPMorgan (JPM)
JPMorgan is falling a bit, and the uptrend is breaking, with the next level of support comes around $87.70.
That will be all…
-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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