October 1 – Stock mentions: SPY, AAPL, ACAD, AMD, NXPI, SQ
Michael Kramer and the clients of Mott Capital own ACAD, AAPL, NXPI
- S&P 500 Futures +6.25 points
- US 10-year Yield 1.73%
- Dollar Index 99.47
- Oil $54.75
- VIX 16.31
- Japan +0.59%
- South Korea +0.45%
- Shanghai -0.92%
- Hong Kong +0.53%
- Germany -0.15%
- UK -0.39%
S&P 500 (SPY)
The S&P 500 is looking to start the day higher, but again, not much has changed since yesterday. Resistance still lives around 2985 for the index. Until the index manages to cross that level, any rally should be considered suspect.
Acadia shares are rising after RBC started the stock as a buy with a $60 price target. The stock has come under some pressure recently, but a lot of that is due to the weakness that has been witnessed in the broader sector. A falling wedge has formed in the chart, which would suggest a reversal higher is likely on the way. Premium content: Why Semis And Biotech May Underperform In The Months Ahead – The first two weeks are free, and I won’t even ask why you canceled if you do.
NXP Semi (NXPI)
Keybanc upgraded NXP Semi today to an Overweight from Sector Weight with a $130 price target. For now, $115 is the next significant level of resistance.
Apple will try to take out its September highs of roughly $226; should that happen it will set up a retest of last year’s highs.
AMD hasn’t looked particularly strong, resistance for the stock come at roughly $29.40.
Momentum in Square is turning higher, and the stock is nearing a break out which could send shares higher towards $65.50.
Have a great day.
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