September 11, 2020
STOCKS – AMZN, AAPL, FB, TWLO
Macro – SPY, QQQ,
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MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN AAPL, MSFT
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 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 bounced off of support at $112 today, but I don’t think that last. I believe this stock is heading back to $95.
I think Facebook could easily pullback to around $235.
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.
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