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11.11.20
Stocks – ZM, SHOP, BABA, VZ, BKNG
Macro – QQQ
Mike’s Reading The Markets (RTM) Premium Content – NOW WITH A 2 WEEK FREE TRIAL
- Mother Of All Options Trades?
- Tech Tries To Bounce
- Techmageddon Upon Us?
- Gold And The Equity Risk Premium
- Critical Support Being Tested As Tech Heads Lower
- A Return To Normal Could Send The S&P 500 To 4,000 Over The Next Year.
- I Still Think We Get A Short-Term Retest
- What Does The Dollar Know?
Stocks rose sharply on November 11, and while to some, may think it’s back to what we have grown used to. It wasn’t. First off, the bond market was closed today, so with half of the “market” was closed, hard to say how the market would have reacted had it been open, especially if yields had continued to climb. Secondly, the NASDAQ 100 had been crushed the past few days, so a reversal was certainly expected.
NASDAQ (QQQ)
Perhaps we could see the Qs rise to around $293, I suppose. Even if it did, nothing would change in terms of the trend or even the narrative in the market. It doesn’t remove the need for the Qs to fill the gap at $273. (Premium content – first 2-weeks – Mother Of All Options Trades?)
Zoom (ZM)
Zoom had a nice day, I guess. It was up almost 10%. Which sounds like a lot, but not really, when considering it was more than 40% higher two weeks ago. It kind wasn’t able to push much beyond resistance at $410. Could it go to $475? I guess so. If it does, it will just serve as confirmation that it is heading even lower. So maybe best to get it over with.
Shopify (SHOP)
Shopify was up a lot too, but nothing changed. Just another overvalued stock, with the RSI moving lower and stock going sideways. We’ll see. Lower it goes, I think.
Booking (BKNG)
Booking shares jumped on the vaccine news, stopped rising at resistance $2080. Now it has that giant gap to fill sharply below at $1800.
Verizon (VZ)
Verizon is back to that point where it gets to roughly $61.30 and craps out. Come on, it has been years already; just break out. Do something!
Alibaba (BABA)
I don’t know what to make of Alibaba. There is a lot of “stuff” going on in Hong Kong and China right now. The government factor has always kept me away from investing in this stock despite how impressive the growth has been. It broke a pretty important uptrend off the March lows. It could be heading to $250, maybe even lower.
Ok, that’s it.
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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