APRIL 24, 2020
STOCKS – GOOGL, INTC, SQ BAC
MACRO – SPY
MICHAEL KRAMER OWNS IWM PUTS
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN GOOGL
S&P 500 (SPY)
Stocks are rising some this morning, by around 35 basis points on the SPY ETF. Again, there is a downtrend that has formed across the indexes, and one should think about the next move lower for stock prices. There is even the potential that the S&P 500 to $263 on the ETF.
Intel is down this morning after reporting results last night. The stock right now is clinging to support around $56. A drop below that $56 price could lead to sharper decline, perhaps to approximately to $50.25.
Square has been hanging around the $60, and I still think there’s a chance the stock climbs back to around $68.
Bank of America (BAC)
Yesterday I saw some bearish betting taking place in Bank of America, and I still think it falls to around $19.50.
Alphabet bet has now failed a couple of times around $1290, watch for a pullback to $1200.
Have a good one
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