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.
Otherwise, enjoy the column!
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MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN SHARES OF NFLX, GOOGL
S&P 500 (SPX)
Stocks gave back a midday surge after the dovish sounding (at least to me) Fed Minutes. Although I admit, I didn’t have time to read the minutes, just from what I heard on TV and what I have read in recaps. The S&P 500 did fail at resistance around 2,750 today, finishing the day lower at by 25bps. Am I concerned? Kinda/Sorta. Overall the RSI is rising and trending higher, and I think that means the market continues to trend higher.
Of course, the significant element of risk is the trade discussions this weekend between Trump and Xi. What happens is any guess.
Russell 2000 (RUT)
The Russell 2000 also managed to fail at resistance around 1,533. Not a good sign that the two indexes failed at resistance.
The Biotech ETF (XBI) managed to stay in breakout territory above the downtrend.
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The good news for Facebook, it got to $140. The bad news for Facebook, the stock failed at resistance which was at $140. It may go either way from here; I’m not going to pretend as if I know. Resistance is around $145, at the down trend. Support is at $133. I’m not even guessing. Sorry.
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But if Facebook can break $140, then it may serve as a great sign that FANG may be back! You will see.
Amazon has cleared its downtrend, and I think that means the stock is on its way to $1760.
Netflix did break out rising above $285, and it is likely on its way to $300.
Alphabet also cleared a downtrend, and I think this one as room to rise to $1,130.
Boeing has surged lately. Could it rise to $360? Sure. But the chart overall looks terrible, and that RSI is trending the wrong way.
The one group that doesn’t look good? The Banks! The dovish Fed surely isn’t going to help the long-end of the yield curve rise. That means the yield curve flattens and the bank stocks get squished.
Citigroup failed at resistance today.
JPMorgan continues to trend lower.
Morgan Stanley – the same.
And well, Goldman Sachs. UGH!
I’d hate to say it, but they may still have even further to fall.
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
SP500, RUSSELL, FACEBOOK, AMAZON, NETFLIX, GOOGLE, FANG, BANKS