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Technology
The Technology sector maybe gearing up for a short-term pullback, as measured by the Technology Select ETF ($XLK). Shares of the ETF have risen outside its trading channel. In the past, this has signaled a short-term pull-back in the group. We will need to continue to monitor this situation.
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Tesla
Tesla ($TSLA) is a playing a game of filling the gap, with the stock falling by nearly $9, or 2.5 percent, trading at around $348. The stock continues to trade on technicals, with algo’s apparently doing most of the work. The stock fell right to support and has managed to hold at $348 for the balance of the day.
TESLA by Scorpio244 on TradingView.com
From looking at the longer-term trends, the stock is trade right along its rising trend line dating back to early March, if the pattern continues to hold the stock should move back into its rising-triangle formation, and head towards $400.
TESLA by Scorpio244 on TradingView.com
Biotech
Biotech shares are consolidating right below resistance at $343, as measured by the Nasdaq Biotech ETF ($IBB).The consolidation started around October 4, with a support right around the $339 level.
IBB by Scorpio244 on TradingView.com
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The same pattern is currently occurring in shares of the SPDR S&P Biotech ETF ($XBI) as well.
xbi by Scorpio244 on TradingView.com
Alphabet continues powering higher, getting closer to the $1,000 level. The move higher today, is coming on solid volume. Volume has started trending higher, of the past few sessions.
googl by Scorpio244 on TradingView.com
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Michael Kramer and the clients of Mott Capital own shares of Alphabet and Tesla
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. Past performance is not indicative of future performance.
Tags: Tesla, Alphabet, Technology, Biotech
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Charts used with the permission of Bloomberg Finance L.P. 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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