Stocks Rebound Sharply Filling Gaps, But Not Out of Danger Zone

This column is my opinion and expresses my views. Those views can change at a moments notice when the market changes. I am not right all the time and I do not expect to be. I disclose all my positions clearly listed on the page, and I do not trade my account on the stocks spoken of in this column unless fully disclosed. If that does not work for you stop reading and close the page. Do not bother me or harass me.

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JANUARY 28, 2020

STOCKS: AAPL, AMD, ACAD, NFLX, SQ

MACRO: SPY

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MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN AAPL, ACAD, NFLX

S&P 500 (SPY)

Stocks snapped their two-day losing streak with the S&P 500 rising by over 1.2% to close around 3,280. The good news is that the index climbed back above the uptrend. However, it isn’t in giving an all-clear signal yet; we still need to clear resistance at 3,300. Resistance is a little bit lower, but 3,330 is the number I am using for resistance.

s&p 500, spx

AMD (AMD)

AMD reported results that manage to beat on both the top and the bottom lines. But first quarter guidance was a hair light but gave good full-year guidance. The stock is trading lower following these results and to around $48.90. Support for the stock comes approximately $48.50 and then again at $46.80. We can see what happens when the stock trades tomorrow, but for now the options traders appear to have gotten the bet wrong, and so did I. AMD Bullish Betting Heading Into Results

amd, amd

AAPL (AAPL)

Apple crushed it, with fantastic revenue and earnings, and even more impressive revenue guidance. The company had to come through in a big way, and they did.
Shares are rising to an all-time high after earnings. I will have more coverage later.

aapl, apple

Square (SQ) 

Square had a great day rising by over 5% to our target of around $75. Remember we were seeing call buying in this one at the end of last week. The stock back to an area of resistance. If it can clear this level, the next region comes around $79. Premium content – Square Is Breaking Out

square, sq

Netflix (NFLX)

Netflix continues to trend higher, and I don’t see that changing anytime soon. The RSI is still trending higher, and the only thing standing in the way is the massive level of resistance at $362. If it can ever get through that region, the next level of resistance comes at $385.

netflix, nflx

Acadia (ACAD)

Acadia is rising today, back to around $41.70. I have owned this stock for four years, I still don’t understand how it trades, and I was a buy-side trader for more than ten years. Maybe one I’ll get it.

acadia, acad

Mike

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.  

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