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Micron Underwhelms, Tesla Put To The Test, and Boeing Heads Lower

Micron Underwhelms, Tesla Put To The Test, and Boeing Heads Lower



Micron Underwhelms, Tesla Put To The Test, and Boeing Heads Lower

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MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN SHARES OF ALKS AND TESLA

Happy Summer Solstice!

The S&P 500

The S&P 500 finished lower by about 60 bps and pretty much killed my theory we would cross 2,800 this week, but it does not change my longer-term viewpoint, that we will continue higher this year.

We retested the lows seen on the 19th right around the 2,743 at support, a good sign that the index held and bounced. The good news is the index continues to hold essential levels.

spx

NASDAQ

The NASDAQ also found some help at key support levels as well.

ixic

Banks

Moving on to sectors, Banks continue to struggle, and most of the banks were trading lower after the stress test results tonight.

financials


Industrials

Industrials fell below essential support, and the uptrend, which has been in place since the election of 2016, as the reflation continues to unwind. (See: The Reflation Trade Is Dead, Plus Micron, Roku, Netflix, and Biotechs)

industrials

Boeing

Boeing is a perfect example of how quickly things have changed. It was just last week that we were talking about big options bets that Boeing would continue to rise and how it looked poised to break out. But the sellers were unwilling to let the stock climb much above $372. (See: 3 Stocks Set To Rip, and 4 Stocks Set to Dip)

Now share look set to ready to fall to $319 with no support in between.

boeing

Materials

The materials look no better.

materials

Biotechs

Biotechs did get hit hard today, but this look more like a technical gap refill, then anything fundamentally wrong.

xbi

Alkermes

One biotech that got crushed, that I happen to own is Alkermes, on a decidedly bearish note from Morgan Stanley. Accord to this guy,  Vivitrol sales, their drug for opioid addiction, are slowing, While the outlook for two keys medication in the pipeline with events later this year, do not look promising. Whooo! Talk about bad news! I mean geez. Did I sell? No, because I happen to disagree with his outlook. I have owned these shares for nearly four years now. Biotech investing is the hardest sector to invest in, period. If you don’ have the stomach to handle the volatility, then you shouldn’t be in the space.

alkermes

Tesla

The Tesla short are testing support at $346, and the nerve of the bulls. Tomorrow may be telling, who has more conviction.

tesla

Micron

Boy, I’ll tell you, trading and investing so freakin’ hard. Micron posted outstanding numbers, got a bunch of upgrades, and still an underwhelming performance. Like I said last night don’t get all excited yet. What happened by day’s end? Most of the significant gains were gone. Was it a gap fill? It looks like one.  To be honest, this was such an underwhelming performance, and until proven otherwise, with a solid rise above $62, the trend is lower.

Please do not go posting Fake News, saying I have been a bear in Micron since January, or some BS. I noted the break out in Micron on May 9. (See:  Stocks Really Breakout, A Look At Roku, Where Does Oil Go)

Does my point of view change on Micron or any stock from time-to-time, of course! This blog isn’t just about investing, but trading. Do you want to trade with the big boys? Then you better be willing to change your mind and make a decision fast! You never know when you are going to get that call from a sales-trader, with a seller of 500k share, ready to shove them down your throat, with more to go.  The one thing you can’t do is crap your pants!.  Make a decision.

micron

And with that, good night!

-Mike

Photo Credit via Flickr

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. 

#biotech #banks #industrials #boeing #materials #alkermes #tesla #micron

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The Reflation Trade Is Dead, Plus Micron, Roku, Netflix, and Biotech's

The Reflation Trade Is Dead, Plus Micron, Roku, Netflix, and Biotech’s



The Reflation Trade Is Dead, Plus Micron, Roku, Netflix, and Biotech’s

MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN SHARES OF NFLX
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The Reflation Trade is Dead

If you haven’t seen this chart before, then take a close look at it. It is a comparison between the Nasdaq and Dow Jones Industrial since November 8, 2016. Of course, that was the day of the US election, and when President Trump was elected. It unleashed a wave of optimism that his pro-growth economic policies would stoke growth in the US economy, causing a spark for inflation, interest rates on bonds to rise, while significant tax reform would boost corporate earnings. It was nicknamed the “reflation trade,” centered around the bank, material, and industrial stocks

The chart below shows just how tight the correlation between the NASDAQ and the Dow were for almost two years, until, May, then something changed.

^DJI Chart

^DJI data by YCharts

The next chart shows the reflation trade is dead and is rotating into the risk-on, growth parts of the stock market, namely technology, biotech, and consumers.

I talk about this in my member video today, and went through why I believe this is happening, and what it means for these groups in the coming months.

I think overall, quickly, the divergence is only going to widen throughout the balance of the year.  You can watch the whole thing here, and you can get the first two-week’s free, so if you don’t like the service, cancel it. I won’t be insulted if you think it sucks!

XBI Chart

XBI data by YCharts


Micron

Microns results looked good all-around from my point of view. Shares were trading up some after hours to $60.50. I know I said I thought shares might go lower after results, and to this point, I’m wrong, yes. But let’s see how it trades tomorrow before we get too excited.

Remember after-hours trading is always tricky, and the stock traded about 10 million shares tonight. I know 10 million seems like an awful lot, but it is only 1/5 of today’s total volume of 56 million, and its 50-day average volume of 49 million.

An increase above $64 is a huge deal, and likely sends the stock back into the low 70’s. But tomorrow’s trading will be critical.

micron

S&P 500

The S&P 500 was up about 20 bps, but again clear divergence amongst sectors, with Financials and Materials down, and Industrials flat. Meanwhile, Biotech continues to soar, up over 2.3 percent, after a robust technical breakout, yesterday. Technology and Consumer were also better on the day.

I like that the S&P 500 retook support at 2,761. It is a positive. I know I was looking for 2,800 this week, and there are still two days for that to happen.

spx

There is no surprise I’m sure if  I tell you that Netflix, Amazon, and Facebook all hit new highs today.

Biotech

The Biotech XBI ETF reached new heights today as well, after its big breakout yesterday.

biotech

Roku

Roku shares got right up to resistance today and backed off. A rise above $48.20 probably sends towards $52.

roku

Netflix

 

So like if Netflix hits $425 tomorrow, what happens next? I mean really? I have no clue.  But if the last breakout resulted in a $133 point gain, like the previous, then this one takes it $466. We’ll see.

netflix

Inflation Watch

It would seem to me the dollar broke out. Keep an eye on oil.

dollar

Banks

You better watch those banks tomorrow, big stress test results. Is anyone really expecting some of the banks not to pass the stress test?

The falling triangle is just getting smaller and smaller. You know my thoughts.

banks

 

That is it, folks! Night

-Mike

Photo Credit via Flickr

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. 

#biotech #technology #rotation #reflation #trade #Stocks #micron #netflix #roku #banks #dollar

 

Final Look at Micron, Starbucks' Game Over, Plus GE, Oil, and Biotech

Final Look at Micron, Starbucks’ Game Over, Plus GE, Oil, and Biotech



Final Look at Micron, Starbucks’ Game Over, Plus GE, Oil, and Biotech

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There remains this overall resiliency in the stock market, and I think for the most part that was has been demonstrated by the S&P 500 gapping lower at the open the past couple of day only cut those losses by days end.

Biotech

Biotech stocks had a solid day, with the XBI Biotech ETF finally breaking out.  Most of the significant gains can be attributed to Sarepta which was up nearly 40 percent, to $144. I remember it was about two years ago this stock was below $10, and everyone had on the brink of disappearing. The turn around has been amazing.

Spark also broke out today, rising above $83.20.  The breakout could trigger a rise to about $91.

once


Micron Final Thoughts

Micron’s stock seems flat going into these results tomorrow night; I haven’t even been seeing the big options bets I am used to seeing in this stock.  The chart has no upward momentum in it, the relative strength index is trending lower, and volume has been on the light side.

The company is going to have to report much better than expected results tomorrow, and I’m not sure if that is possible given that they just provided upward guidance a few weeks back.  My guess, we see $54 before $61.50.  You wanna hate me for it, that is fine. I’m just giving my opinion.

micron

Starbucks

Starbucks reported tonight out of left field they are looking for a fiscal third quarter same-store comp of 1 percent. After last quarter results, I was convinced that all the growth in this story was utterly gone which was why I sold the stock. Today I’m glad I did. For them to be looking at a 1 percent comp. It likely means traffic is below zero, meaning it is declining, and ticket sales are around 2 percent, that is my guess.  The China story is nice but is simply not growing fast enough to offset the losses in North America.  I’m sorry. I guess I’m Mr. negativity tonight.

GE

Since we are dumping on companies tonight, we might as well throw in GE.  I was afraid this day would come, and today it did, with GE is officially out of the Dow. Imagine how much higher the Dow would be if GE hadn’t been in the DJIA over the past year.  There is nothing to like at this point in this stock, maybe in another quarter or two sentiments will turn, but that time is not now. Don’t try to be a hero, don’t got bottom fishing.

Dollar

The dollar broke out today, and that means a rise to 98 on the dollar index is likely on the way.

dollar

Oil

And there goes Oil, should I say it? Ok. Oil will see $61 before $70.

oil

Yields

10-year yields closed below 2.9 percent today. Meanwhile, the 10-2 year spread is now at 35 bps. So the Fed still wants to raise two more times? Can you say inversion if they do?

10year

That is it, folks! Night

-Mike

Photo Credit via Flickr

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. 

#biotech #breakout #sarepta #ge #starbucks #micron

 

 

Micron Earnings Preview, Tesla, Netflix, Apple, Broadcom

Micron Earnings Preview, Tesla, Netflix, Apple, Broadcom



Micron Earnings Preview, Tesla, Netflix, Apple, Broadcom

MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN SHARES OF NFLX, TSLA, AAPL

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Micron

The volatility levels are about to pick up in a significant way for Micron this week, with the company reporting results Wednesday after the close of trading. The options set to expire on July 20, are implying a rise or fall in the stock price by nearly 12.5 percent from the $60 strike price, placing shares in a trading range between $52.5 and $67.50, massive. The number of calls heavily outweigh the puts by a ratio of nearly 2 to 1, with roughly 106,000 open call contracts to only 68,000 open put contracts. It suggests more traders are betting on shares of Micron rising.

The number of open call contracts has been steadily rising since the middle of May and have been climbing right through the end of this past week.

But the number of open puts contracts have been rising even faster over the course of the past couple of weeks, with most of the significant gain coming just this past week.

Despite the calls outweighing the puts at the $60 strike price, my feeling is that it is a bit misleading, because most of the bets for the $60 calls are old, while the newer bets seem to be going to the puts.

Since the third quarter of 2016, Micron has beaten its earnings estimates every time. Analysts estimates for the current quarter have been rising going into this print as well.

(YCHARTS)

Revenue has been a different story, and the company has a mixed bag when it comes to beating estimates.

(YCHARTS)

Based on those current trends, and the fact that Micron just raised guidance a few weeks back, it seems like the company will be fine versus the estimates. But the question will be how high expectations are going into the print.

Based on the technical chart, expectations seem to be coming down going into this report. In fact, it would not surprise me to see shares trading somewhere in the mid-50’s by the time the company reports results, around $53 to $56. Volume levels have slumped in recent days, and the RSI is now trending lower suggesting momentum is coming out of the stock.

micron

If I had to make a bet, at this point, based on the options and the technical chart, Micron’s stock likely trades lower post results. But let’s see where the stock is come Tuesday to see if there have been any meaningful changes in betting, and how the technical chart looks.


Looking Ahead

Netflix

Believe it or not, the second quarter is nearly complete, and will soon be in earnings season again. Netflix has also been one of the companies that kick things off and based on the trends; subscription growth continues to look strong.

Tesla

Outside of me physically seeing more and more Model 3’s on the road, yesterday I got a notice that now the Model 3’s will in showrooms on June 15 in NY, and few other states.

Apple

I suspect at some point in the next few weeks or so we shall start hearing more regarding Apple and its supply chain as it only seems natural, since that is always the case. But one also remember that Apple will be launching its newest iPhone sometime in September. So, at this point, we should start hearing more about the new phones and number of units Apple is ordering for. It seems at this point expectations are for three new phones, two with OLED and one with an LCD display. Regardless it would look as if Apple is trying to drive the average selling price higher per phone with two higher-end OLED phones.

Broadcom

Additionally, Broadcom’s latest results and guidance do not suggest a new surge wireless business yet.

That is it for today, more tomorrow.

Photo Credit via Flickr

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.

 

#micron #tesla #apple #broadcom #netflix #earnings $mu $tsla $aapl $avgo $nflx

Banks, Intel, Micron, Square, Twitter, P&G - The Daily Rundown for June 8

Banks, Intel, Micron, Square, Twitter, P&G – The Daily Rundown for June 8



Banks, Intel, Micron, Square, Twitter, P&G

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Well, it was another positive day for stocks, with the S&P 500 rising another 30 bps, and closing the week at 2,779. We are now less than 1 percent away from 2,800, and it doesn’t get better than that!

It wasn’t technology or biotech’s turn to lead the market higher, but this time financials and discretionary stocks. Next week will be a do or die for the banks; I’ll show you why.


Banks

The chart below is for the Financial ETF, XLF.

You see that red line? That is your downtrend. See that blue line; it WAS the uptrend!. That yellow dotted line; that is support. The downtrend is now acting as a significant resistance level, and if the ETF price climbs above that red line, then that is good news and shares breakout, rising higher. Should the stock fall when reaching that downtrend, that is bad, suggesting shares are heading lower, towards the support line at towards $26.90.

banks

But the more significant problem is that if ETF does not break out, and rise above the downtrend line than it also confirms the more prominent bearish pattern, called a descending triangle. It means the ETF is heading lower than just $26.90, and that is bad news of the sector.

Intel

Intel did fall out below the rising wedge pattern in the chart, and that is a bad sign. But let’s see what happens come Monday, and give it one more day. I can tell you that if it continues to head lower Monday that  is likely to fall towards $51

intel

Micron

Look at Micron go; it closed the day right at resistance around $61.40. Is it going up more? Well, it is trying, and getting back to resistance is a good first step. The reason I can’t tell for sure is that it is also filling a gap from the day of that significant Morgan Stanley downgrade.

micron

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Square

Look at Square, it can’t get back above resistance at around $62.

What is with all these tough calls today! Gee, it’s Friday!

But still, between Square and Twitter, Jack Dorsey is having an impressive year.

square

Twitter

It was in March that Twitter nearly broke out, and I thought a monster break out was near, should it have risen above $36.50.  Well,  the stock never broke out, and then languished, but it did the other day, and now it’s over $41.  You have to watch these things.

It takes guts to say this, but it may be heading to $46!

twtr

P&G

Have you seen Procter and Gamble! this thing is back to $77.25!

PG

That’s it!

-Mike


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-Mike

Photo credit via Flickr

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. 

#twitter #square #micron #intel #banks #PG

Amazon's Stock Nears Big Break Out, While Micron's Stock Gets Crushed

Amazon’s Stock Nears Big Break Out, While Micron’s Stock Gets Crushed



Amazon’s Stock Nears Big Break Out, While Micron’s Stock Gets Crushed

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michael kramer and the clients of mott capital own shares of googl

Stocks continue to churn, with the S&P 500 down about 70 bps today, giving up some the gains from yesterday. But as we noted yesterday, there is a clear rotation going on in the marketplace, because today’s best sectors were Technology and Biotech, while Industrials and Financials struggled. Staples were lower today, and I think this more of a reflection of the imposed tariffs put in place, the likelihood of retaliation from other countries, and the potential impacts on sales and expenses.

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Tectonic Shifts In The Stock Market

Biotech

Biotechs continue to advance with the biotech ETF XBI increased to roughly $95.60,  about $2 beneath its all-time. Amazing. It wasn’t so long ago that the ETF was sitting at $85

biotech chart

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Technology

The technology group is also moving higher, and I decided to redraw the pattern in the chart of the ETF XLK.  It is still a bullish pattern, and I still think the sector continues to rally higher.

technology stocks


Alphabet

Alphabet was one the stocks that jumped today, with shares up almost 3 percent. I think the stock still has further to rise, maybe towards $1,125. A rise above $1,125 would be a significant development and substantial positive for the stock going forward.

alpahebt

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Amazon

Amazon is breaking out, and I do think it likely has substantial room to rise ahead on towards $1850.

amazon


Gilead

Gilead shares also look as though they are consolidating nicely, and it appears to have a flag pattern. It could help share rise towards $72.

gilead


Micron

Micron shares got crushed today after Morgan Stanley downgraded the shares, to equal weight. I didn’t have access to the actual note, but the write-up I read makes the call sound wishy-washy and feels like a downgrade because the stock got to the analyst price target, and the analyst doesn’t feel comfortable raising the price target. That is my take away.

Regardless, shares got hammered because that is what high beta stocks do. But the stock did stop falling around $57.50, which is a positive. The chart doesn’t look too damaged, but that doesn’t mean the selling is done either. The chart is not easy to read at this point, with gaps galore.  It would seem there is explicit support at $54, and unfortunately, $61.50 will now act as resistance.

The thing that can happen, two weeks of sideways trading to consolidate.

micron

That is it! Tomorrow we move into June. Time goes so fast, doesn’t it?


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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.

© 2018 Mott Capital Management, LLC.  Use, publication or reproduction in any media prohibited without the permission of the copyright holder.

Tags: #sp500 #biotech #technology #micron #amazon #gilead #alphabet #staples

10 Indicators To Watch In The Stock Market For The Week of May 28 stock to watch

10 Indicators To Watch In The Stock Market For The Week of May 28



10 Indicators To Watch In The Stock Market For The Week of May 28

MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN SHARES OF NFLX & AAPL
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The coming week will be a big week when it comes to data, with inflation and jobs data starting on Wednesday. First, we get ADP private jobs data, with consensus looking for 186,000 jobs created in May, and then 1Q GDP comes later that morning with consensus calling for growth of 2.3 percent. Thursday is personal income and outlays, PCE y/y is expected at 2 percent, while PCE Core ex-food and energy is projected at 1.8 percent. Friday is the employment report, with estimates calling for 185,000 jobs created, and average hourly earnings up 2.7 percent y/y.  You can find more at the Bloomberg calendar, a handy tool.

So, we should expect the week to have a little more volatility following the numbers, each day, but this week will most certainly be all about inflation. When you look at core PCE over the course of the last 10-years, we can see that it has been consistently low.

PCE like the other gauges of inflation, like PPI and CPI, tracks extremely closely to the price of Oil. 

By the way in case you are curious you can see the similarity with oil and PCE ex-food and energy, are not as close.

When it comes to the future of inflation and interest rates, we will need to watch the price of oil. Wages should continue to remain contained as well below 3 percent.

So is it possible that we see some huge spike in inflation worries this week, well anything is possible. Is it likely? I have a decade worth of data saying no. Additionally, one must remember that the data is backward looking, and oil is a real-time barometer of inflation, and so if oil continues to fall come Tuesday, then I suspect rates fall with it, regardless of the reports.


Stocks To Watch

The most important stocks to watch this week, Netflix, Amazon, Apple, Micron, Biogen, Microsoft, P&G, and Coke. Yes P&G and Coke! Really. Remember if rates are falling then the staples, which have been crushed, should see a rotation back into the names. The other stocks are leads in the most important risk-on sectors around, Technology, Chips, and Biotech.

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P&G

The chart of P&G is bullish and suggests shares could rise back to $78.20 in the short-term. The relative strength index (RSI) is trending higher and has bottomed out at oversold levels now on two occasions.

PG

Coke

The setup in Coke is quite positive too and looks to be heading back towards to $44.50

coke


Microsoft

Microsoft broke out, and we want to continue to see the stock rise. The relative strength index continues to trend higher as well.

microsoft

Biogen

Biogen has broken out as well, and it could be looking to rise back towards $300.

biogen

Apple

Apple has been consolidating since its post-earnings rally, and a breakout higher from the markets most valuable company, would add to positive sentiment.

apple


Micron

Micron is facing a potentially big breakout. Micron has been one of the hottest stocks around, so we want to see this one continue to stay hot, as it acts as a barometer for the risk appetite of the market.

micron

Amazon

Amazon is knocking on the door of a big breakout too.

amazon

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Netflix

There is no doubting that Netflix is the undisputed champion in the market this year, and there is no stock that is more important. If Netflix continues to rise, then I suspect the rest of the market will soon follow.

netflix

Enjoy the long weekend.

-Mike


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GE’s Breakout May Send Shares 15% Higher

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Tags: #sp500 #inflation #oil #yield #microsoft #apple #netflix #amazon #biogen #micron

Stocks Show Their Might Led by Chips and Biotech

Stocks Show Their Might Led by Chips and Biotech – The Daily Rundown



Stocks Show Their Might Led by Chips and Biotech – The Daily Rundown

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We surely didn’t get the breakout I was looking for today, but we sure did get an exciting trading session, that told us about the market’s current state of mind. If this had been February, I think word of tensions with North Korea, or President Trump pulling out of a meeting with the leader of North Korea would have sent the market reeling lower by 1.5 to 2 percent on the S&P 500. But this is May and spirits seem much brighter.


Equities indeed sold-off following the news President Trump was calling off the summit with Kim Jung-Un of North Korea in June. The S&P 500 had an initial knee-jerk reaction taking it down about 1 percent by 11 AM. But the rest of the day was about price recovery, and by the close, the S&P 500 finished down about 20 bps, while the NASDAQ recovered all its losses to finish essentially flat. That is impressive, and I think it tells us a lot about the state of mind for the market. What had been a weak market just a few short weeks ago, seems to have become more confident.

^SPX Chart

^SPX data by YCharts


Risk-on Leadership

Like I wrote yesterday, we saw leadership prevail from the key players, with chips and biotech’s up on the day by nearly 40 bps, the risk-on sectors of the markets. Yes, Utilities rose by 80 bps on the day, but that has more to do with yields falling, with 10-year yields down to 2.98 percent, from 3.10 a week ago.

Chips mounted a rally, from down 80 bps at 11 am, to up 34 bps by the close, a significant recovery. What stocks led, well the usual suspects, Micron up 2.6 percent and now at $61.50, followed by AMD up 2.0 percent, On Semi up 3.6 percent, and Broadcom up 1.3 percent.


Micron

The advance in Micron continues to be impressive, shares are nearing a very big breakout, sitting right at resistance at $61.50. If it can manage to advance tomorrow, then it might still have some further to go, and $61.50 should offer support in the future should it climb and retrace.

Should Micron break out tomorrow and rise above its 52-week high of $63.42, then it may be on a trip towards $73, a price not seen in nearly two decades, back to the year 2000! Yes, a break out for Micron is a huge deal.

The bears will argue the DRAM pricing cannot stay strong, and Micron’s recent revenue and earnings surge cannot last, while the Bulls say the opposite.

Based on estimates to the year 2020, analysts are forecasting flat revenues and declining earnings, the street seems to believe the good times can’t last, which means Micron’s stock can continue to climb should it keep putting up strong results because a positive outcome is not baked into the stock.


Netflix

As noted yesterday, Netflix broke out, and it continued today with shares reaching an intraday high of $353. Some in the media were talking about Netflix now having a market cap just barely higher than Disney’s and Comcast, at $152.14 billion to Disney’s $152.03 billion, and Comcast at $145.78 billion. Most of that has to do with the fact that Comcast is nearly down 20 percent on the year.

DIS Market Cap Chart

DIS Market Cap data by YCharts

Plus, my knee-jerk reaction, why shouldn’t Netflix be worth more, aren’t Comcast and Disney trying to become like Netflix? Isn’t that why Disney is launching a direct to the consumer product. Isn’t that why Comcast is trying to steal Fox’s assets away from Disney? Of course, it is. Comcast and its cable line will be worthless in another few years when Verizon and the other wireless players launch 5G, and cord cutting start to accelerate at an even faster pace.

Imagine a world, where one day like your phone and your tablet, your TV will be able to access data, but not through wifi, but your wireless provider. It sounds crazy, but how hard could it be?

Why else would Comcast be so hot to get Fox? They want to keep building up their content library and become a content business.

-Mike


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4 Stocks and 3 Sectors To Watch For May 22 - Mott Capital

4 Stocks and 3 Sectors To Watch For May 22



4 Stocks and 3 Sectors To Watch For May 22

michael Kramer and the clients of Mott capital own shares of visa
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It was a solid day for the S&P 500, with the broader index up about 75 bps, closing at 2,733. Meanwhile, Industrials were the clear winners rising by about 1.6 percent, followed by chips, and more general technology, and financials.

The setup looks very strong in the broader market, and it looks there are still more gains to come. I have written over and over about the strong fundamentals, and now the technicals are coming into alignment.


Small Caps

The strength in the small caps is confirming the positive tone, which is now at all-time highs.

russell


Boeing

Boeing was the big winner today with shares jumping by nearly 4 percent. I wrote on Sunday that the stock was likely heading back to $370. Well, today it finished up at $364. Should it get to $372, it will be a big test for the stock, because that is resistance from the previous high set back on February 28.

boeing

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Industrial ETF

The setup in the industrial ETF (XLI) doesn’t appear to be all that different. That ETF is looking very strong too.

boeing


Technology

The setup in the technology ETF XLK looks like it is just ready to bust out, and continue its previous rise.

xlk


Visa

Visa also looks set to breakout to new record highs.

visa

Micron

Micron was a clear leader in the chip sector today, and it too looks set to go higher. The company pre-release better than expected quarterly guidance prior to their investors day. Tonight, after the close, the company announced at $10 billion shares repurchase.

mu

Chips

The setup in the broader SOXX also looks very positive. I think we may see $197 in the not to distance future.chips

JP Morgan

JP Morgan is also nearing a potentially massive breakout.

jpmorgan

That is it for today.

-Mike


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Tags: #stockmarket #boeing #jpmorgan #visa #industrials #chips #micron

The Stock Market Is Moving Back To A Risk-On Mentality



The Stock Market Is Moving Back To A Risk-On Mentality

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The risk-on asset classes had good days, with Biotechs (XBI) up 1.4 percent, Chips (SOXX) up 1.3 percent, and materials (XLB) up about 1.2 percent. Risk-on is what one wants to see start to happen more because it tells us that investors are looking to move into more aggressive parts of the market, and that bodes well for a rise higher.

S&P 500

The S&P pieced together a decent day, rising about 40 bps, recovering about 2/3 of yesterday’s decline. It seems the past three days have been a game of back and forth filling the gaps from the previous day. The good news is that today, there was no gap up or down, and that should hopefully mean tomorrow we continue higher.

S&P 500


Sectors

The XBI continues higher and appears to be heading back to the previous highs.

xbi

The setup in Chips also continues to be very strong.

ch

What is ironic is just how much alike the two charts look. I guess the chips and biotechs are part of the same risk-on algo running.

Materials are also breaking out, and that, of course, is a positive as well.

materials


Russell

Not only that, but the Russell 2000 is breaking out as we talked about the other day.

russell 2000


Stocks

Nektar broke out today, after bouncing off our support level around $70.

nektar

Intercept looks close to breakout too.

icpt

Micron broke out and appears to be heading back to $61 now.

micron

Lam Research also appears to be breaking out and could be heading back to around $224.

lrcx

Texas Instruments back to $120.

txn

The suspense in Amazon is just killing me! BREAKOUT ALREADY!

amazon

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Dollar

It looks like the dollar finally broke out, and it seems clear which way it is going.

dollar

Night!

Mike

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Tags: #sp500 #biotech #materials #chips #nektar #amazon #micron #lam #texas 

 

Stocks and Sectors Breaking Out For The Week of May 14

Stocks and Sectors Breaking Out For The Week of May 14



Stocks and Sectors Breaking Out For The Week of May 14

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The week of May 14 will try to continue to build on last week’s strong performance. With earnings pretty much behind us now, investors can continue to digest the strong earnings seasons. Meanwhile, the latest inflation and wage data should also calm nerves over runaway inflation or a Fed that will need to be over aggressively, and allow for stocks to continue to rally this week.

sp500

The S&P 500 broke out last week, and the relative strength index also broke out, and I think we should continue to see the broader market continue to trend higher this week. I’m still looking for a rise to about 2,800 on the S&P 500 over the next couple of weeks.

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Consumer Stocks

We have seen Technology names breakout over the past week, and I think we see the consumer stocks finally breakout this week.

The XLY ETF is very close to breaking out, and the RSI also appears set to breakout, I think that happens this week.

consumers


Amazon

As I have written previously, Amazon is close to breaking out, and I think that breakout can happen this week, as it sits right below resistance.

amazon


Home Depot

Home Depot is another one that already has broken out, and is reporting results on May 15. Analysts are looking for earnings for $2.05, on revenue of $25.2 billion.  A return to $210 may be reach for later this week.

home depot


Disney

Disney is also likely heading higher, potentially back to $111.

disney

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Nvidia

Technology stocks have already broken out, and we are going to want to see a strong continuation this week. Nvidia is going to be the one to watch here. It has broken out, and the earnings results served as a retest of the breakout, and it held. Now we to see a follow-through higher.

nvidia


Micron

Micron also broke out, and I think a rise to about $54 is in the works.

micron


Alphabet

Alphabet is has been on a tear, I think that one continues, on towards $1150.

alphabet


AMD

AMD has also broken out and a rise to $13.70 could be coming shortly.  amd

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Biotech

Another group I will be watching are the biotechs, to see if they can build on Friday’s strength.  The XBI appears to have broken out, and the RSI did as well.  We could see a rise back to the highs around $96.

biotech


Nektar

Nektar shares bounced right off support around $70, the key this week is if the stock can get back over $83.

nktr


Acadia

Acadia may also be close to breaking out and a push back to $27 would sure be nice.

acadia stock

 

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Tags: #amazon #consumer #technology #biotech #homedepot #acadia #nektar #disney #nvidia #amd #micron

Stocks Really Breakout, A Look At Roku, Where Does Oil Go

Stocks Really Breakout, A Look At Roku, Where Does Oil Go

Stocks Really Breakout, A Look At Roku, Where Does Oil Go

Michael Kramer and the clients of Mott Capital own shares of TSLA, GOOGL, NFLX

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The S&P 500 was in rally mode, and it was a strong day across the board. Biotech, Tech, Financials, along with Energy.  The setup in the S&P 500 continues to remain very strong, and I think we may have just broken out.

sp500

In fact, the relative strength index is also showing signs of breaking out, and it would take a rise to about 60 on the RSI to confirm the bullish move.I’d like to see another strong trading day tomorrow, to prove today’s rise was real and give the index some breathing room. But the underlying sector charts are looking reasonably healthy as well.


Technology

We can see the same setup in the chart of the technology ETF (XLK), along with a strong setup in the RSI.

xlk

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Google

Alphabet shares appear to be breaking out, and I noted in an article earlier today on Investopedia, I think it might rise to around $1150.

alphabet


Netflix

Netflix appears to be on its way towards $340.

netflix

Microsoft too.

microsoft


Micron

It isn’t much different in some of the semis either. It was Monday I wrote that Micron was in the final phases of a descending wedge, and sure enough it broke out today, $54 appears to be next.

micron

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Tesla

Tesla is on the doorsteps of a significant breakout as well, currently trading around $310, which could send shares higher on towards $330.  In case you missed it, California voted to have all new houses equipped with rooftop solar panels.


Biotech

Biotechs are also looking relatively strong as well, and I still think that the group can continue to work higher. I know there is nervousness about this drug pricing speech that is now coming on Friday. But I have been saying since 2016, that I think any policy on drug pricing comes in the form of a quicker approval process, to increase competition.  I don’t see it happening through price controls.

biotech


Oil

Well, Oil is within 4 points of my $75 target, which by the way I called late last year. I have been thinking about where it goes from here.  I do not see it going much higher in the short-term. In fact, if I were a betting man, I’d say we see $60 before we see $80.

oil

I hope everyone realizes once Oil stops rising the whole inflation narrative will disappear too? Right? I’m talking to myself; Of course, they don’t.


Roku

So, I have to say that the Roku’s numbers look solid on the surface, two things stand out as concerns to me. Player revenue fell 3 percent from last year, and I guess that revenue will continue to decline. Which means the revenue numbers you are left to truly rely on to drive that future growth is just the platform.

Also, I’m curious as to why platform revenue fell sequentially, to $75 million from $85 million? Interesting. Platform gross profit margins also fell both from last year and sequentially, to 71.1 percent from 77.1 and 74.6 percent, respectively.
Additionally, the rate of net additions fell in the quarter.

The ARPU numbers are reported in a weird way, I’m not all that familiar with the style. The company takes the average number of users in the 1Q’18 and 1Q’17 and then sums up total revenue for Q2, Q3, Q4, and Q1’18. They then divide that revenue total, by the average number of subscribers to get ARPU. By the way, I had to look in the IPO prospectus to figure that out! But the number of subscribers in the 1Q’17 was only 14.2 million, so it makes the average way too low. It gives an average of 17.5 million accounts, on total platform revenue of $264 million, giving you an ARPU of $15.09, some rounding in there.

But do just a straight ARPU calculation of (Revenue/Users)/3 months, and you get $1.20 in the quarter, down from $1.47 the previous quarter. I dunno. You be the judge.

Anyway, the stock is trading pretty much where I predicted it would at $37. So where it goes from here is anyone’s guess.

roku

That is enough.

-Night

-Mike

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Technology and Semis Are Leading The Stock Market Higher

Technology and Semis Are Leading The Stock Market Higher

Technology and Semis Are Leading The Stock Market Higher

Michael Kramer and the Clients of Mott Capital own shares of TSLA

The S&P 500 had a solid day, rising by 35 bps, closing at 2,672. We gave back some of the gains late in the day around the time of the Iran headlines, but it may have been more of a gap fill. The chart shows that the S&P 500 is very close to the upper bound of the trading range so that the next few days will be telling as for whether we breakout and continue our rise, or we retrace back to the 2615 region.

spx

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Technology

Technology shares continued their advance, and the setup in the group continues to look positive. We’ll need to monitor and see if the XLK ETF continues to stay within the channel. The most important thing we are watching is that we continue a pattern of higher lows.

technology


Semis

It looks like the iShares PHLX Semiconductor ETF (SOXX) may have also broken out, another positive. I’d like to see a strong follow-through tomorrow to confirm. I bought some calls for the SMH ETF on Friday anticipating a breakout in my trading account. Not something I often do, but sometimes old habits die hard. Hopefully, I will prove right on this one.


Microsoft

Microsoft has this sizeable ascending triangle forming, and that may mean shares set for a big breakout.

msft

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Amazon

Amazon shares continue to hover just below resistance around $1,620. The next day or so will likely be telling for that stocks future direction.

amazon


Nvidia

I wrote the other day, I saw Nvidia getting back to $250 after results, well it almost got there today! Does that mean we are going even higher? I’m not ready to change the call yet.

nvidia

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Roku

Roku had a solid rise of 5 percent today, with the stock hitting some resistance around $34. Implied vol is at almost 119% for the options set to expire in 11 days, according to Trade Alert. That is crazy.

roku


Tesla

Tesla shares got a boost after reports Elon Musk bought 33,000 shares of stock. The stock has now recovered all of its losses following the quarterly results.

Tesla registered another 5,009 VINS for the Model 3 today with the NHTSA. From April 23 through May 6, Tesla registered about 6,000 VINS. That would indicate they may be producing about 3,000 cars per week. We’ll see when the next batch of VINS are recorded, and the spacing between dates.

I have now seen three Model 3’s where I live on Long Island over the past week, so they are around, and I will continue to keep track.


Micron

The last time I wrote on Micron, I noted it looks like shares broke out. Well, I was embarrassed because the stock went down. I haven’t been wrong on Micron much in the past, and this time I was. But now the setup in the chart is becoming more evident, and a breakout appears to be coming. Look at that falling wedge in the chart, along with a solid uptrend. It means a reversal is bound to happen, and that means shares are getting ready to.

micron

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Tags: #micorsoft #technology #semis #tesla #roku #nvidia #micron 

Micron, Amazon, Halliburton, Anadarko All Have Big Breakouts

Micron, Amazon, Halliburton, Anadarko All Have Big Breakouts


Micron, Amazon, Halliburton, Anadarko All Have Big Breakouts

The S&P 500 got up to 2,713, and it stalled out at that level. It makes tomorrow price action critical, because should it rise above 2,713 it signals a strong breakout. If it should move lower tomorrow, it could serve as a double negative, with a filled gap and a reversal, while failing at resistance. I’d like to see the S&P 500 rise firmly above 2,713 tomorrow, and with some significant earnings coming up next week it could set up a positive tone.

S&P 500


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Technology

Technology names continue to trend higher, as well, and I think also it serves as a positive for the broader S&P 500.

technology

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Micron

Micron stock had looked pretty lousy, and at the open, the stock seemed like it was going to cave and give us that big break lower. But then shares jumped sharply higher and took off. When looking at the hourly chart you can see a reverse head and shoulder in it, and couple it with the breakout, and the narrative suddenly changed.  It was just the other day, I could make a strong case for shares retesting the April lows, and that looks completely wrong, now. $55.50 is the next level to watch with a clean rise above that level sending the stock easily on towards $58. It isn’t easy reading these chart usually, and in this crazy market, it feels downright impossible some days.

micron


Amazon

Two interesting points on Amazon today, first word the company has over 100 million prime subscribers. A considerable number and extremely impressive. The stock jumped in the after-hours on the news, but I am not sure it changes anything, for the stock.

The stock broke out today, can I say I’m surprised? No. I thought it would retest $1,440 first, but I guess the market had something else in mind. Next weeks earnings results will be a huge deal, and I think it may take a massive beat to advance shares further. But that doesn’t mean the stock can’t rise back to $1,600 in the interim.

I still think based on the current sales estimates,  shares are expensive based on historical sales multiples, but a solid beat and strong guidance would up those estimates, and likely lower the valuation. So the upcoming results are a big deal, and the guidance will be even more significant.

amazon


Roku

Second, Amazon announced it would partner with Best Buy to sell TVs. Roku’s stock fell hard on this news. Did the market finally realize that what Roku does isn’t so unique? Well, it isn’t, any TV maker can do what Roku does, and the rise in the stock yesterday due to ESPN + becoming available, as I said yesterday, was a complete joke. Roku is not the second coming of Netflix. By the way, if Netflix thought Roku was such a game changer, why did Netflix spin it off Roku? Netflix didn’t want to become a streaming media device company, and potentially have barriers to other streaming devices.

roku

Energy

These energy stocks are starting to fly, and perhaps some of the money these financials are losing is going into energy companies. As I have said, Oil looks primed to rise to $75, and it is getting close to that price, now up to nearly $69.


Halliburton

Halliburton shares have broken out rising above $50.25, and should oil keep rising a move towards $58 seems like the next stop.

halliburton


Anadarko

Anadarko broke out as well rising above $63.75, and resistance area comes around $73.

apc

That is going to be it.

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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.

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Tags: #stockmarket #sp500 #energy #oil #amazon #micron #roku #halliburton #anadarko #technology #energy

Stocks Breaking Critical Support And Could Be At Risk Of Falling Further


Stocks Breaking Critical Support And Could Be At Risk Of Falling Further

The stocks market recent bout of volatility is not only exhausting but confusing as well. It started in early February on inflation concerns, it moved to rising yields, to trade war fears, to Facebook, to Amazon, and now back to trade wars. So which is it? Not sure. But it does tell us one thing. The market and buyers are extremely fragile, and the slightest bit of negative news is enough to get traders to dump their shares.

It was January 29, that I warned stocks were looking toppy going into quarterly results, and for the most part those results were strong. But yet they weren’t enough to keep equity prices from dropping. But as I had noted back then, some of the prices had gotten way ahead of themselves. After the market bottom in early February, technology stocks took off once again, with shares of Amazon and Micron surpassing their previous highs, as analysts upgraded and raised their price targets.

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During the latest round of selling stocks likes Google, Netflix, Micron, Nvidia, Apple, Microsoft have managed to hold on and avoided breaking some key levels of importance. But in Friday’s commentary, I noted concerns, and cracks started emerging, and that was extremely worrisome to me.

Nvidia

Nvidia, which has held extremely well at $218 finally broke, and that should be a concern.

 

The RSI has been trending lower since peaking in mid-February over 70, and volume has been tapering off in recent days. If the stock bounces Monday and is unable to get above $219, it is likely a good sign that next move is lower to around $204.


Apple

Apple share failed at resistance around $174 moving below support at $169. If that isn’t a crack then I do not know what one is. I think downside is limited here to maybe $160ish.

 

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Biogen

Biogen shares continue to melt, with no end in sight, it might not stop falling until $250.


Incyte

Incyte totally blew-up on Friday after reporting negative results on its trial for one its cancer drugs in development in combination with Merck’s Keytruda. This is just another example of why the Biotech sector has been so terrible in 2018.


Nektar

It took Nektar down with it.

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GE

I still think GE is heading to a $10 handle.

Blackberry

Blackberry cracked and could be headed towards $10.

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Microsoft

Microsoft held support at $91.50 until it no longer could. Not good.

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Micron

Micron held $49.75 until it cracked as well.

Google

But at least one stock is still holding on. It is the lone wolf here.

-Mike

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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.

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Nvidia, Micron, Apple, Amazon Showing Serious Cracks


Nvidia, Micron, Apple, Amazon Showing Serious Cracks

Despite all the market turmoil, for which the reason seems to change on a daily basis, the S&P 500 is only down 1.38 percent on the year. I think that is the more important thing to focus on, and not the daily swings of 2 percent. Becuase at the end of the day despite all the stock market volatility, the stock market has virtually gone nowhere!

So while the reasons for the market going lower seem to change, some things have held constant, until today, and those minor changes have caught my attention.

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Technology

First, the XLK breakout from the other day is being severely tested, with the downtrend now in play again.

technology

Biotech

The IBB is now below the February lows.

biotech

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Financials

The XLF failed in a big way at resistance, around $28.

xlf


Nvidia

Nvidia broke support at $218 and closed around $214.50, and for the first time in all the chaos shares look at serious risk of falling towards $200.

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Micron

Micron opened lower and retook $49.75, and like Nvidia, it gave way and closed well below support, and that is a bad sign too, with the potential for a further decline towards $46.75.

micron


Amazon

Amazon failed twice at resistance now around $1440 level, and I continue to think this one trades lower.


Apple

Apple closed below support at $169.

So Confused

Obviously, the market is far more significant than these four stocks, and at this point, it seems hard to predict what the potential next hurdle or hiccup comes in the markets way over the next week. It seems that everytime a bit of positive momentum builds it is meet with some obstacle that sucks the energy out of it.  From “trade wars,” to Amazon and the Post office, the FED, inflations, and yields. The stock market thus far this year seems like a moving target, and for the first time in about three years, I am having a hard time getting the general trend right, and that is bothering me.

But, the good news comes next Friday when the narrative will change to earnings. The only left to be to determined, will earnings push stock prices higher or will it become just one more thing the market can add to list of worries.

More this weekend.

-Mike

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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.

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Tags: #sp500 #tech #technology #tesla #micron  #nvidia #jobs #bls #sp500 #xlk

 

Stock Market Rally Continues, Jobs Report May Be Non-Event


Stock Market Rally Continues, Jobs Report May Be Non-Event

In the midday commentary, I noted that S&P 500 was running into some resistance around 2,675, and that level stood firm in the afternoon session. The job report tomorrow will prove critical as to whether the S&P 500 advances further, or suffer a setback.

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spx

Jobs Reports

The job numbers have been trend higher on the BLS, with y/y gains accelerating, and I do not expect that to change in tomorrow’s report. In fact, the strong ADP results support my belief that we will continue to see meaningful job acceleration.

In fact, I continue to believe we can see meaningful job creation, without the unemployment rate falling, as the U6 number is still rather high, historically.

The labor participation continues to be extremely low, and as workers continue to come back to the labor market, I expect that participation rate to continue to rise. Remember the U3 “headline” measure of unemployment is a lousy indicator to measure true unemployment, as it counts those recently unemploy and actively looking for work. Not those that gave up looking 6-12 months ago.

It is also the reason, why wage inflation is likely to stay in check when the reading comes out. I would not be surprised to see it lower this coming month than last.

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Technology

We can see that the technology ETF XLK failed multiple times around $66, we are going to want to see the technology ETF break above that level of resistance.

technology


Tesla

Tesla managed to get above the $303.5 level as I noted earlier in the day, and again that is a positive for the stock. The next big event for investors to worry about will be the burn rate when the company reports results sometime at the end of April or beginning of May.

tesla


Nvidia

I know the Citron tweeted today about Nvidia going sub $200, but for now, the market seems to disagree. $218 has been like a rock through a lot of market turmoil, and I’d be surprised if $218 cracks, something fundamentally would need to change, such as an earnings miss or poor guidance. But right now, I’m not seeing a move below $200 happening.

nvda

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Micron

It is the same thing with Micron, with the Sell rating by UBS. The area around $49.75 still seems stable, and it is going take more than a lone wolf downgrade to get this thing below that price.

micron

Qualcomm has seen some interesting option volume lately and could be pointing to a decline of 13 percent in the stock.

The opposite could be said with Netflix, as traders are betting shares rise over $320.

Good Luck Tomorrow

-Mike

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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.

© 2018 Mott Capital Management, LLC.  Use, publication or reproduction in any media prohibited without the permission of the copyright holder.

Tags: #sp500 #tech #technology #tesla #micron  #nvidia #jobs #bls #sp500 #xlk

Tesla Model 3 Tesla's Stock Price

Levels To Watch, Midday Update For April 5


Levels To Watch, Midday Update For April 5

I wrote in the commentary last night the next test for the S&P 500 would come at 2,675, and today it got to a touch below, before pulling back some. There is a gap that needs to be filled at 2,647, so don’t lose hope should the rally retrace back to 2,650 over the balance of today.

S&P 500


VIX

The VIX has fallen below support at 20, and it is likely heading lower towards 18.

vix

Technology

The technology ETF XLK is continuing to breakout and is stalling for now at resistance around $66. A rise above $66, sends it on quickly to $67.

technoloy

Netflix

Netflix shares have broken out over $295, and I think that leads to further gains.

netflix


Facebook

I drew in a new resistance line in Facebook at $161, and that to this point has held shares from breaking out further. A rise above $161.50, likely pushes it on towards $166.

facebook

Tesla

Tesla shares have rocketed higher, but $303.50 is going to be a critical level to watch. That level served as strong support level for a long time, and now it will act as significant resistance levels. Its need to get over $304.

tesla

Amazon

Amazon is back above $1440, and a sizeable gap to fill back to near $1500.

amazon

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Micron

Yeah, Micron got a downgrade today, but look at that chart, right back to support at $49.75. It is holding, that is a positive.

Micron

See you tonight!

 

Mike

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Mott Capital Management, Michael Kramer

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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.

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#midday #levels #amazon #micron #tesla #netflix #tesla #vix