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October 22
Stock Mentions: BIIB, NVDA, SNAP, TSLA, AMZN
Macro Mentions: SPY, XBI
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN TSLA
US Markets
- S&P 500 -1 point
- US 10-Year 1.78%
- Dollar Index 97.37
- Oil $53.65
- VIX 14.12
International Markets
- Shanghai +0.50%
- HSI +0.23%
- KOSPI +1.16%
- Nikkei +0.25%
- DAX +0.21%
- UK +0.25%
MACRO
S&P 500 (SPY)
S&P 500 futures are pointing to a slightly lower opening. But honestly, nothing has changed on the chart except the level at 3003 now will act as support. The index rose above that level yesterday, and it should offer a floor as the index prepares to push higher towards 3,027.
STOCKS
Biogen (BIIB)
Biogen is soaring by about 45% this morning after saying it will move forward with filing for the approval on its Alzheimer drug aducanumab. The stock is blowing through all sorts of resistance levels this morning with, and a large gap fill that can take the stock back to $330. It is a big move for Biogen, which has been a dead stock for some time, and it is a big win for the biotech sector.
XBI biotech ETF is jumping this morning up by more than 1%. The ETF is challenging the downtrend and has the potential to rise to around $83.25.
NVDA (NVDA)
Nvidia is getting closer to that big break out I noted in yesterday’s write-up, setting up the potential push towards $217.
SNAP (SNAP)
SNAP is rising again today, and I, as noted yesterday in a premium story, the stock could rise to resistance at $15.50. If you had only signed up to read the article Bullish Bets Pile For SNAP Ahead Of Results22
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Tesla (TSLA)
Tesla will report results tomorrow after the close of trading, and the stock has been moving higher since it reported delivery results. The company will need to post solid earnings and gross margins to see the stock move higher. If it can, the stock will make that move to $300 we have been talking about a couple of weeks.
Amazon (AMZN)
Amazon has been dead money since July, and the stock needs to get over $1850 before we can even talk about the stock rising any higher.
Have a good one!
-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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Charts used with the permission of Bloomberg Finance L.P. 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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