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July 7, 2020
STOCKS – NVDA, ACAD, INTC
MACRO – SPY, QQQ
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- Markets Setting Up For 5-6% Dip
- Downwards Trends Remain
- Nvidia Is Priced For Perfection, May Have Topped Out?
- Stocks Trying To Breakout Ahead Of Data
- 3 Keys To The Week Of July 6
- Square May Drop By As Much As 20%
- Earnings Trends – 7.4.20
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN ACAD
Stocks had a wild trading session, starting the morning lower, then rising, and finishing the session on the lows of the day, with the S&P 500 down over 1%. At this point, it seems there is a good chance that the S&P 500 works its way lower still and tries to fill that gap around 3,130.
The index just continued to fail all day at that 3180 region, picking from where it left off yesterday. It was also unable to surpass the gap fill from mid-day June and February downtrend.
The Qs also turned lower today with the potential to work their way to the lower end of the channel once again. I went through this a little bit more this morning in the audio commentary; there is more to this than just the charts. – Markets Setting Up For 5-6% Dip
10-Year
10-year yields are on the brink of a significant break down once again, with a decline below 63 basis points.
Nvidia (NVDA)
Nvidia’s rising wedge pattern is nearly complete; at this point, it just needs to fall below that lower uptrend. I think it will and then drop to $350 on the way. Again, I highlight this along with some options trades, and an insane valuation in this write-up yesterday. Premium content – Nvidia Is Priced For Perfection, May Have Topped Out?
Acadia (ACAD)
Acadia had an awesome day finally breaking out and jumping to a record high at $57! It got an upgrade from Stifel of all places, the analyst over there hasn’t been a fan of Pima over the years, so I view this as a positive. I think the stock still has further to rise, perhaps $61.
Intel (INTC)
Intel looks lousy until to break out at $59.75, and an RSI that is drifting lower. I think $56 is the next stop. I had thought initially it might go higher, but that is unlikely at this point.
Until tomorrow
-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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