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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–
- Tech Most Overvalued To Small Caps, Since, Well, 2000 – Midday
- Betting Micron Falls After Results
- Stocks Set To Rise, But Is The End Near? – Morning
- The Long-Term Growth Outlook For Stocks May Take A Huge Hit
- DEALERS HOLDING KEY LEVELS
- 3,100 Or Bust Is Closing In
- Drifting Higher Midday 6.1.20
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.
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.
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.
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.
AMD (AMD)
AMD is resting on an uptrend, and the break of that trend can send the stock sharply lower towards $49.20.
Spirit Air (SAVE)
Spirit is at resistance around $20, with a break out likely leading to advance towards $22.70.
Have a good one
-Mike
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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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