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May 18, 2020
Stocks – GOOGL, XOM
Macro – SPY, QQQ
Short-Term Trends – Cautious
Long-Term Trends – Bearish
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Stocks are picking up where they left off on Friday for now, drifting higher around the globe. But there is very little going on today. The rest of the week will hold more economic data that is likely to be more impactful.
For now, we have the S&P 500 SPY ETF climbing by around 1.0%, while the QQQ’s are rising by 0.7%. Meanwhile, Germany is increasing by 2.7%, while Italy climbs by 1.1%, and the UK is jumping by 2%.
So we can continue to watch the markets go nowhere fast, with the S&P 500 back to its mid-April levels, and the Nasdaq back to its late April levels. I’m not supposed to say that; I guess because many people would likely get upset. After all, we are supposed to be in a bull market. But it just seems like at this point we are just marking time.
It would be nice if the market could break out to the upside, but there is no reason for that too happen. Stocks are not cheap, and the economic state is pretty uncertain at this point. So really, we are just marking time.
Gold (GLD)
I’m not sure that we want to see gold climbing. Gold has broken out and is likely on its way to $1800. It isn’t because people are worried about inflation either, because the dollar has been range-bound. It is because investors are looking for a place to hide.
Meanwhile, where we are likely to go from here is anyone’s guess, but it is mostly going to be tied to whether or not these big technology companies can continue to power higher. So just watch that handful of stocks, and that’s all you need to know at this point.
I go through it all in this free video from Sunday.
Alphabet (GOOGL)
Alphabet is trading lower today, following that news late Friday around an antitrust suit. For now, nothing has changed from a technical basis.
Exxon (XOM)
Exxon is rising some this morning along with Oil prices. This one doesn’t seem to be going anywhere fast with fierce resistance around $46.90.
Anyway, that’s all I have for today.
-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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