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Michael Kramer and the clients of Mott Capital own Apple
April 3, 2019
S&P 500 (SPY)
Stocks continued to rise on April 3, although well off their highs. Still, it was respectable showing especially given the giant gap-fill the market performed mid-day. It would have been easy for the bears to take control around 3 PM and push for a sharp decline. Instead, the uptrend held and shares managed to finish up over 20 bps.
Russell 2000 (RUT)
The Russell 2000 is also pushing for a break out as it challenges resistance at 1,562. However, there is a nice uptrend in the Russell, and I think this index continues to move higher towards 1590.
Chips
It is hard to imagine; the PHLX Semiconductor index (SOX) was at an all-time high today briefly. What does that tell you about slowing global growth? Maybe that the slowing narrative is over. Yeah. I’d say so.
Technology (XLK)
The technology XLK ETF is also at an all-time high.
Apple (AAPL)
Apple continues to rise, and the stock appears to be breaking out again. Is $209 on the table? It sure looks like it.
Facebook (FB)
So did Facebook break out or not? It is a good question. I thought it had when it was trading at $177, but then all of those gains disappeared, and the stock finished lower. But what was resistance at $173 becomes support, and for now, support is holding at $173, which would seem to suggest the stock broke out. I guess we will find out tomorrow.
AMD (AMD)
AMD had that big break out today and soared to nearly $30, above the $29.40 I was looking for. Now, where does it go? Good question. The way this stock trades I wouldn’t be surprised for the stock to pull back to the uptrend around $26.50.
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[youtube-feed feed=7]Nvidia (NVDA)
Nvidia continues to climb, and the break out is in force, and that means a move to $200 is still on the way.
Square (SQ)
It looks like Square may be breaking out and is rising above a downtrend. It could push the stock on to $83.
Alibaba (BABA)
I think Alibaba is re-testing the breakout and should continue to rise. I think the recent slump is nothing more than that.
Night
-Mike
Photo via Flickr
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Charts used with the permission of Bloomberg Finance L.P. 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.