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.
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September 9 – Stock mentions: SPY, ACAD, BIDU, BYND, T, SQ
Michael Kramer and the clients of Mott Capital own Acad
- S&P 500 Futures +3
- US 10-Year 1.6%
- Dollar 98.35
- Oil $56.80
- VIX 15.15
- KOSPI +0.52%
- Shanghai +0.84%
- Nikkei +0.56%
- HSI -0.04%
- DAX +0.29%
- FTSE -0.50%
S&P 500 (SPY)
The S&P 500 is just grinding higher on the futures, and it looks like it getting ready for a big move higher. With the potential to push even higher than 3000.
Acadia shares are jumping around 75% on September 9 after the company reported positive interim results for its dementia-related psychosis trail. I’m still holding my breath and keeping my fingers crossed no surprises come on the conference call. But that P-value of .0033 makes it hard to dispute that the trial didn’t work. Plus it was the independent data committee that ended the study early. So, where does it go? Tough to say, because we still have negative symptoms in schizophrenia trial lurking. Maybe the Bakers decide its finally time to sell? Also, not sure they need to raise money anymore, because they just did it not that long ago, and have plenty of cash.
A move above $42 is a pretty big break out, which should then act as support.
Conference call at 830am
AT&T is also moving sharply higher today after Elliot took a stake in the company. Elliot is looking for the stock to rise to $60. I guess we know who those options buyers were. $39.20 has could act resistance. Premium content from August 27 AT&T: The Trend Is Your Friend
I know square is rising today, but the stock has acted horribly in a strong tape the last few days. It has me still believing the stock can fall. Premium content: Betting Square Falls
Beyond Meat (BYND)
A subscriber noted that they thought Beyond Meat could fall. Look at that chart, I agree! Thank you for the heads up. The pattern looks like a head and shoulders with a drop below $135 likely leading to a very sharp decline to $100.
Another subscriber as me to take a look at Bidu. It looks like a falling wedge has formed in BIDU, and the stock has a chance to rise to around $120.
Have a great day!
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