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September 14, 2020
STOCKS – NVDA, ORCL, MU
Macro – SPY, QQQ
Mike’s Reading The Markets (RTM) Premium Content – NOW WITH A 2 WEEK FREE TRIAL
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MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN MSFT
Stocks are rising a bit this morning following last week’s sharp decline. Despite the gains, it is doesn’t mean there won’t be plenty of tests along the way. Currently, the S&P 500 500 ETF (SPY) is trading higher by 80 bps to around $336.75 and approaching a critical level of technical resistance around $337. So while we are seeing gains this morning, the ETF will need to clear this essential level of resistance. Should that happen, then the ETF can go on to rise to around $342. If it should fail to clear that resistance level around $337, it is likely to result in a drop back to $333, and potential lower to around $329.40.
Meanwhile, the significant level of resistance for the QQQ comes around $275.
Micron (MU)
Micron is rising in the pre-market after being upgraded to buy from neutral at Goldman Sachs. However, the price target remains unchanged at $58. The stock has struggled around the $48.30 level, and if it can manage to push beyond that price level, it could go on to around $49.80.
Nvidia (NVDA)
Nvidia is rising 6% after it has agreed to Buy Softbank’s ARM unit for $40 billion. It seems like Nvidia’s new growth avenue has come through acquisition. But the market is reacting positively, for now, rising to $517.50. That is a significant level of resistance, with a break out possibly sending the shares higher to around $572, and gap fill. A failure to advance beyond $518 likely sends the stock lower back to $460.
Oracle (ORCL)
Oracle is rising on hopes it acquires TikTok after Microsoft said its bid was rejected. Microsoft is trading a bit lower today, while Oracle is trading higher. As of right now, Oracle is trading up at an all-time high around $62.
That’s going to be all for this morning.
-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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