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Subscribe →September 22, 2020
STOCKS – AAPL, AMZN, NFLX
Macro – SPY, QQQ, EWG, EWY
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- This Is A Different Sell-Off
- The Market Has Little To Support It
- The Second Leg Lower – Morning
- 10 THEMES FOR THE WEEK OF SEPTEMBER 21
- Nvidia May Drop 15% More
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN AAPL
Stocks are rebounding some this morning with the S&P 500 ETF (SPY) up around 35 bps, certainly not the strongest of rebounds following the sell-off the past couple of sessions. Meanwhile, the NASDAQ 100 ETF (QQQ) trading up to around $270 or 90 bps.
S&P 500 (SPY)/ NASDAQ 100 (QQQ)
This shouldn’t be confused with some significant rally attempt by the market, this seems more like a bounce than anything else, and we will find out very quickly after the open if the sellers come back. It seems likely that once we get past the open, we will see the sellers return and work to fill the gaps lower.
Navigating The Market · By Michael Kramer Independent macro and options research, published every trading day. Daily written analysis covering gamma exposure, dealer flows, key levels, and the macro drivers moving markets. Includes full video access. Recent Subscriber Analysis
Resistance on the Qs is around $272, with a push beyond that price likely helping to fill the gap up to $275. Meanwhile, the SPY could quickly rise to $330, and that is likely where it fails, with resistance at that price.
Germany (EWG)
Germany is rising today by about 1% but struggling to get past resistance at 12,700.
South Korea (EWY)
Meanwhile, the South Korean Kospi was smashed, falling about 2.4% and below that significant uptrend off the March low, and closing right above the 50-day moving average.
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Amazon (AMZN)
Amazon has a gap that needs to be filled around $3,100 before making its next turn lower.
Netflix (NFLX)
Meanwhile, Netflix is rising today, but I don’t expect it to get much beyond $495.
Apple (AAPL)
Apple is trying to rally past resistance $110. Even if it does, $115 will be a challenging level for the stock, and I still think this one is heading lower still to around $96.
Have a good day.
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.
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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