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Tesla Showing Signs of Strength
[/vc_column_text][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column width=”1/2″][vc_tweetmeme type=”follow” follow_user=”michaelmottcm” show_followers_count=”true” large_button=”true”][vc_facebook type=”button_count”][/vc_column][vc_column width=”1/2″][vc_column_text][widget id=”wordads_sidebar_widget-18″][/vc_column_text][/vc_column][vc_column][vc_separator css_animation=”none” type=”normal” color=”#000000″ gradient_color=”yes” thickness=”1″][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_empty_space][vc_column_text]Tesla shares are showing some significant signs of improvement on a technical basis. Tesla’s has held up relatively well around the $300 level over the past couple of days, and that should be viewed as encouraging for the bulls. Additionally, Tesla’s chart below shows volume has been declining, which also suggest the massive amounts of turnover we saw immediately after the quarterly results are settling down as well.
The chart could point to a stock that rises over the near-term as well, with a gap that needs to be filled around the $325 region.
Biotech
Biotech shares have continued to struggle, but signs are emerging that a bottom could be near. The chart shows that the IBB ETFÂ has found some support around the $309 level, thus far.
When taking a closer look at some of the significant components, we can see shares of Biogen continue to hold the $308 level.
Meanwhile, shares of Amgen are also attempting to put in a bottom and appear to be moving towards the stocks longer-term uptrend.
With Gilead trying to do the same.
Overall these three stocks have a tremendous amount of importance for the sector and the ETF, so where they go, the rest will follow. If they are bottoming or close to bottoming it could suggest a much-needed rebound is on the way.
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Acadia’s Post Earnings Analysis + OIL Breaks Out
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Consumer Discretionary Stocks
The consumer discretionary ETF XLY Is sitting at a significant resistance level at the moment. Should the price for the discretionary ETF be able to rise above the $92.75 level, it would suggest a breakout. Given the trend, a breakout seems likely, one that is undoubtedly worth watching and waiting to develop.
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Amazon is the most critical component in the discretionary ETF XLY with nearly 17.25 percent weighting, where Amazon goes the rest of the sector follows. The chart of Amazon, concerns me a great deal though, with that huge gap in the chart from its earnings results date, a period of sideways consolidation would be welcomed.
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Financials
Financials have been getting hammered of late, with the XLF fall from roughly $26.80 to $26 over the past few days. Overall the ETF has room to fall to nearly $25.50.
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Michael Kramer and the clients of Mott Capital own shares of TSLA,
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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Economics Calendar:
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Economic Calendar by TradingView
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Economic Snapshot:
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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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