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October 7, 2020
STOCKS – AMZN, NFLX, JPM, FCX
Macro – SPY
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- Biden’s Lead Over Trump May Not Be As Big As It Seems
- Stocks Come Close To Breaking, But Not Yet
- Stocks Will Test Resistance
- How To Find Technical Trends And Levels
- Re-Testing
- APPLE’S STOCK FACES FURTHER LOSSES BASED ON OPTIONS BETTING
Stocks are rebounding some this morning with the S&P 500 ETF up 70 bps, and the Qs up 50 bps, after President Trump said he would sign standalone bills for stimulus. This all seems like a game so that each side can blame each other. I sincerely doubt anything gets done before the election.
S&P 500 (SPY)
When we can see when looking a bit closer at the charts that the S&P 500 futures are struggling around the uptrend, we fell below it late in yesterday’s trading session. Perhaps a quick recovery can invalidate yesterday’s late move lower.
I am still very much of the mindset that prices have further to fall from here, but we can see how today goes; the one thing you do not want to see as a bull is the index’s inability to hold that uptrend.
Amazon (AMZN)
Amazon got a big price target boost from Benchmark to $3,800 from $3,675. The stock has been stuck in this $3,100 to $3,200 since the middle of September. I still think this one that is going lower, back towards $2,800.
Netflix (NFLX)
Netflix had its price target raised to $650 at Pivotal Research fro $600. That is a new street high price target too. There is a downtrend that has formed in Netflix, with a potential descending triangle. The big test won’t happen until the stock gets back to $525.
JPMorgan (JPM)
JPMorgan has caught a bid in recent days as yields have increased, but to this point, it has been unable to retake the uptrend it broke below in mid-September. The stock likely struggles until it can break above what appears to be tough resistance around $105.
Freeport (FCX)
Freeport may struggle to advance, especially if the dollar continues to strengthen. The big make or break level remains at $14.90.
Have a good day.
-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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