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.
Otherwise, enjoy the column!
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Stock Mentions: BIIB, NVDA, SNAP, TSLA, AMZN
Macro Mentions: SPY, XBI
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN TSLA
- S&P 500 -1 point
- US 10-Year 1.78%
- Dollar Index 97.37
- Oil $53.65
- VIX 14.12
- Shanghai +0.50%
- HSI +0.23%
- KOSPI +1.16%
- Nikkei +0.25%
- DAX +0.21%
- UK +0.25%
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.
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.
Nvidia is getting closer to that big break out I noted in yesterday’s write-up, setting up the potential push towards $217.
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
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 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!
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.