Stocks Will Try To Climb On June 4, As The ECB Increases QE

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.

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June 4, 2020

Stocks – SAVE, JPM, AVGO, AMD

Macro – QQQ, EWY

MIKE’S READING THE MARKET PREMIUM CONTENT $35/MONTH OR $300/YR– 

Stocks are basically flat today after a pretty big run, a little bit off some overheated levels. Stocks had been lower and reversed some after the ECB announced it was increasing its QE program. There is plenty of economic still to come, with the BLS jobs report on Friday, and initial claims today.

South Korea (EWY)

Interestingly South Korea and Japan gapped sustainably higher at the opening and reversed sharply lower. The last significant gap in Korea was filled, and it was at that point, things shifted. So this is a considerable market to continue to watch. 

kospii,

NASDAQ (QQQ)

The Qs formed a rising wedge yesterday, and a drop below $234.50 likely results in a pullback to around $229. Upside resistance comes at about $240.

nasdaq

The banks have been one of the most influential groups in the market in the past few days. JPMorgan is one of those stocks, and it is testing resistance and its highest price since April 9. If it can push through that level, then it was room to rise to around $114.30 probably. 

jpmorgan

Broadcom (AVGO)

Broadcom reports results tonight, and I’m not sure how those results will look. But what is important is what they will have to say. The stock is hitting resistance, and it needs to get above $308 for a chance at $322.75. 

avgo, broadcom

AMD (AMD)

AMD is resting on an uptrend, and the break of that trend can send the stock sharply lower towards $49.20. 

amd

Spirit Air (SAVE)

Spirit is at resistance around $20, with a break out likely leading to advance towards $22.70. 

sprint, save

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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