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STOCKS – JPM, NVDA, AMD
MACRO – SPY, QQQ
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- Stocks Turn Eurphoic- Midday
- Bearish Betting Persist For NVIDIA
- Gap Higher, Then Fill? – Morning Commentary
- NASDAQ IS RIPE FOR A SIZEABLE DROP – WEEK AHEAD
- JPM May Jump As Much As 10% Followings Its Quarterly Results
- Live Webinar Will Be July 30
- EPS Estimates Continue To Slide
- The Worst May Be Yet To Come
Stocks are trying to rebound a bit, but are struggling to do so with the S&P 500 trading higher by roughly 45 bps. Meanwhile, the NASDAQ 100 Qs ETF is trading higher by about 25 bps. At this point, the QQQs are the group to watch as it fell the hardest yesterday, and it is the most stretched on a technical basis. So this is the index that has the most at risk, while the giant weights of the big 6, spill into the S&P 500. So if the Qs can’t get their act together today, then the S&P 500 will suffer as well, regardless of how bank results are.
NASDAQ 100 (QQQ)
Again, as I have said before, the Qs are at the upper end of the trading channel, and usually, that has led to reversal to the lower end of the channel. Now is it possible that today we rebound some and retest the upper bound of the trading channel around $265, sure? Does it mean we are out of the woods, nope. Premium content – NASDAQ IS RIPE FOR A SIZEABLE DROP – WEEK AHEAD
S&P 500 (SPY)
For now, the S&P 500 futures are holding support at 3,145. Remember, this region had been a healthy level of resistance. To this point, it has been holding as a strong level of support. I would think that should offer some support, but a break of that support level quickly sends the futures lower to 3,115.
Copper
Copper prices probably still have some further to fall, potentially to around back to $2.82. Probably not good for Freeport or the material names.
JPMorgan (JPM)
JPMorgan reported better than expected quarterly results, with the revenue and earnings coming in much better than expected. However, loan loss provision came in much higher than expected at $10.5 billion versus estimates of $8.3 billion. Additionally, the company suspended its buyback program for the third quarter. The stock is jumping following results at the moment, breaking above resistance around $97.70, and pushing up towards $100. Remember, I noted that we were seeing bullish options betting before results, suggesting a jump to around $104. Premium content – JPM May Jump As Much As 10% Followings Its Quarterly Results
Nvidia (NVDA)
Cowen raised its price target on Nvidia to $475 from $410. Again, I have seen a bunch of bearish betting in this stock. Meanwhile, a break of support at $400 sends the stock lower to $380. Premium content – Bearish Betting Persist For NVIDIA
AMD (AMD)
Meanwhile, Cowen also upgraded AMD to $65 from $60. This stock has been incredibly tough to figure out; it seems to just bounce around with no clear path. The RSI continues to fall, which suggests to me that the stock either continues to consolidate sideways or drift lower.
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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