MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN SHARES OF AAPL
To no surprise, the S&P 500 finished lower and is now working its way towards technical support at 2,616.
Meanwhile, the NASDAQ is now working its way lower to 6,800 and the April lows.
Russell 2000 (RUT)
Interestingly, the Russell 2000 looks as if the potential a double bottom is forming. It may be too early to say it is definite. But if there a reversal pattern forming it would be positive for the broader averages. Remember the Russell peaked about a month before the S&P 500 and NASDAQ.
The semiconductor ETF SMH also looks as if a similar pattern is forming. Semiconductor stocks also started turning lower at the beginning of September like the Russell.
The bad news is the Technology ETF (XLK) fell below support at $65.50, and that means a decline to $61 is likely.
It would seem that Apple is heading to $164.
Microsoft is trying to stay around support at $102, but the downward pressure is likely too great. The stock is likely on its way to $96.
Facebook is also facing steeper declines to around $115.
It would seem that Oil is well on its way to $42.25.
Goldman looks to be heading to $183.
That is it for today. Sorry to be such a downer on a holiday weekend.
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.
sp500, apple, facebook, Goldman, oil, facebook, Microsoft