OCTOBER 14 – STOCK MENTIONS: SPY, TSLA, SHOP, BYND, AMD, NVDA
MICHAEL KRAMER AND THE CLIENT OF MOTT CAPITAL OWN TSLA
It was pretty much a waste of day with the S&P 500 going nowhere. The index finished the day down by about 15 basis points. The index went sideways all day, hovering just below resistance around 2975. I still think that the index is likely to fall and refill the gap over the next day or two at 2,940.
Despite my very short-term negative view, I continue to believe the stock market is heading higher into year-end. The significant overhang is currently Brexit, of course, which should have a resolution by the end of the month. But if earnings can manage to come in at a better than expected pace as they usually do, I think it creates the opportunity for a push higher into year-end, especially if we get a Fed that continues to ease on monetary policy. I highlight these catalysts and more in a video today. You get the first two weeks to try the service out for free –Potential Catalysts For Year-End Stock Rally.
Tesla had a good day rising over 3% on headlines that the Gigafactory 3 has started production, that’s the plant in China. Regardless, the stock is breaking out with one more hurdle coming in the $260 to $266 region. After that, the stock could move up rather quickly to fill a gap at $300. I talked more about this is in the mid-day update, BE CAREFUL ON COLUMBUS DAY
Shopify also had a good day, and with today’s move above $344, the stock could be heading back to $360.
Beyond Meat (BYND)
Beyond Meat fell to support at $124, and for now, it held. How long it holds is the question? My guess is not for long. A drop to $100 doesn’t seem that far off.
AMD looks like it is in motion, and is now heading the way we thought. A move to $31.40 is now in the works.
Nvidia looks like it is ready to break out at moments notice and start rising towards $198.
Have a good one
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.