This column is my opinion and expresses my views. Those views can change at a moments notice when the market changes. I am not right all the time and I do not expect to be. I disclose all my positions clearly listed on the page, and I do not trade my account on the stocks spoken of in this column unless fully disclosed. If that does not work for you stop reading and close the page. Do not bother me or harass me.
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September 16 – Stock mentions: SPY, BKNG, CVX, TSLA, ROKU, AMD
Michael Kramer and the client of Mott Capital own TSLA
- S&P 500 Futures -12 points
- US 10-Year Treasury 1.85%
- VIX 15.11
- Dollar Index 98.44
- Oil $60.14
- Japan Nikkei +1.05%
- HK HSI -0.83%
- Shanghai -0.02%
- South Kospi +0.64%
- Germany DAX -0.51%
- FTSE -0.14%
Oil prices are rising today following the drone attacks. However, at the moment prices are well below resistance level at $61.70. So we can continue to watch, I don’t expect the prices to stay at these levels above $60 for too long.
S&P 500 Futures (SPY)
I know futures are down, but I don’t expect this to be a big down day, not based on international trading. I think it is more likely the markets finish higher today. S&P 500 futures have recovered mainly a good portion of their losses from overnight, and the trend for the market is still mostly higher.
Booking is nearing a big level of resistance at $2,080. I think an increase above that level can get the stock moving back to its all-time highs.
Chevron is rising today up to resistance at $127.25. Be careful; the stock has failed at that price three times since late 2018.
Tesla is consolidating nicely just below resistance at $253 and could be gearing up for a test of resistance at $261.
Roku is trading down this morning and nearing support at $143. A drop below that support level sets up that next leg lower.
AMD continues to look very weak, and I continue to believe that the stock is likely heading lower. A drop below $29.40 could result in a decline to around $27.25. Premium content: first two weeks are free – AMD Stock Is Looking Very Weak
Have a good day.
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.