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OCTOBER 14 – STOCK MENTIONS: SPY, TSLA, SHOP, BYND, AMD, NVDA
MICHAEL KRAMER AND THE CLIENT OF MOTT CAPITAL OWN TSLA
MACRO
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.
STOCKS
Tesla (TSLA)
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 (SHOP)
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 (AMD)
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.
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[youtube-feed feed=7]Nvidia (NVDA)
Nvidia looks like it is ready to break out at moments notice and start rising towards $198.
Have a good one
-Mike
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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.