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Technology shares continue to get wrecked, with the NASDAQ Composite trading down over 2 percent at one point on the day, although as of 3:30 pm has rallied back to down 1.3 percent.
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Technology Program
Unlike past selling days, today does not seem to be program driven. With the patterns not as tightly correlated.
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NASDAQ Comp
It appears for now that the Nasdaq has begun to turn and is now trending higher on the one-minute charts.
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Tesla
Even our litmus test stock Tesla has appeared to have formed a double bottom around the $354 level and has moved higher.
Biotech
Biotech has moved higher as indicated by the IBB and appears to have bottomed
The sell-off in the Nasdaq and Tech mid-day was steep but for the most part the market has been able to battle back. It is worth noting we have given back all of the gains from yesterday and are now lower than levels seen on June 27.
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Disclaimer
Michael Kramer and the clients of Mott Capital Management, LLC own shares of TSLA.
Michael Kramer is the Founder and Portfolio Manager of Mott Capital Management LLC, 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 recommendation made during the past twelve months. Past performance is not indicative of future performance.
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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.