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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APRIL 7, 2020
Stocks – MU, PVH, MMM, UBER, TSLA
Macro – SPY, EWI, EWY
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN TESLA
Stocks are rising global again on April 7, on hopes the coronavirus is peaking. However, the economic fallout of the coronavirus has not peaked. In fact, we will get initial job claims on Thursday. I still don’t see how 10 million, or maybe more people, are going right back to work anytime soon. I think given the fact, the coronavirus may finally be moving behind us, we should start focusing on phase 2, which is the economic fallout, and I believe that it will be severe. So we should enjoy this rally while it lasts.
South Korea (EWY)
The KOSPI continues to rise and at least as of today it find itself closing right on the downtrend. So South Korea will be an essential index to watch in its next overnight session.
Italy finds itself trading right up to resistance as well at 17,785. Again this too is a critical level one needs to watch closely as the rest of the European session continues.
We can also see that the S&P 500 futures are now moving up resistance around 2,730. Again another critical level to watch for the S&P 500. I suspect this will not be an easy level to cross.
Micron is rising today, climbing above $45.50, with its next level of resistance coming around $48.75.
3M is rising out of its broadening wedge, with its next significant level of resistance coming at $154.
Tesla is approaching resistance at $550, with a potential break out sending the stock to around $600.
UBER has a massive level of technical resistance at $28.55.
PVH looks like it may have a double bottom in place, and should it rise above $43, it can likely run to $50.30.
Anyway, Good Luck today. My premium audio podcast will be out later this morning. I will be checking and review the daily changes in trading and up to the minutes going into today. Just updated at 8:10 am on 4/7
Stocks Set To Rally, But Options Still Betting It Doesn’t Last
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.