The Big Stocks Haven’t Even Cracked Yet

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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September 11, 2020

STOCKS – AMZN, AAPL, FB, TWLO

Macro – SPY, QQQ, 

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Stocks finished the day mostly lower with the Qs falling by 70bps, and the S&P 500 finishing flat. Ironically, both ended the day, at there September 9 lows. 

NASDAQ 100 (QQQ)

I’m sure it not a coincidence, but I’m not sure if or what its significance would be, except for people may be wanting to finish with as little exposure as possible. 

I think the selling in the market isn’t over, as we do not see any signs of fear or capitulation. The Nasdaq 100 is down about 12% from the peak, and it feels very calm out there. Maybe it is because I haven’t listened to a major financial news network for months. But, I don’t even see many headlines suggesting nervousness. I can’t remember a 12% decline in any index being so, well, not a big deal. The put to call ratio is barely at 1, 1.005 to be precise. 

It as if like nobody even cares?

The S&P 500 is down about 7.6% from the high. Anyway, we haven’t even got to gut-check time. Maybe it is just me. 

The big problem and the reason why I think this market is going lower still is that the Big 5 or whatever the number is now hasn’t even broken yet. I went over this in a video today. Amazon, Apple, Microsoft, to name a few, are just on the cusp of a significant move lower. When they go, the real action will start. 

Amazon (AMZN)

Amazon has moved beyond its uptrend and is sitting on support at $3,100. I still think it goes to $2,800. I have been saying it for weeks, I know. 

Apple (AAPL)

Apple bounced off of support at $112 today, but I don’t think that last. I believe this stock is heading back to $95.

Facebook (FB)

I think Facebook could easily pullback to around $235. 

Twilio (TWLO)

This morning, I wrote about Twilio, but I meant Shopify. Now, I mean Twilio, and I think it heads back to $180. 

Anyway, that names a few, there are so many more. 

-Mike

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.  

 

 

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