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 13 – Stock mentions: SPY, FCX, SQ, AAPL
Michael Kramer and the clients of Mott Capital own AAPL
Stocks had a blah day with basically nothing happening. It was a good week, so let’s not lose sight of that. But next week will be a massive week with the Fed meeting. But the odds of the Fed cutting rates is suddenly becoming less certain.
Fed Funds futures are currently trading at 1.875%, which fall pretty much in the middle of the 1.75 and 2% range. That rate has been on the rise since the beginning of September. Additionally, the CME Group now projects just an 80% chance of a 25 bps rate cut next week. That is down from a 90% chance last week.
So we can wait and see what develops next week. I’d be surprised if the Fed doesn’t cut rates.
S&P 500 (SPY)
It looks like there is a bullish pennant pattern that is forming on the intraday of the S&P 500. I think it is positive for the start of next week. Premium Content: The Outlook For Stocks May Be Growing Stronger – first two weeks free.
Freeport finally reached my target today of 11.00, and with that, we can check that one-off. I’m not sure what happens next. I will have to keep an eye on things.
Apple bounced off support today where it was supposed to at $217.40. The trend is still higher.
Square bounced some today, but the trend is still lower. Premium content Betting Square Falls, try the service, hate it cancel, I won’t cry, promise. 😯
That is all for today.
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