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September 29, 2020
STOCKS – QCOM, NXPI, SQ
Macro – SPY, EWG, EWY
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Germany (EWG)
Stocks are trading flat this morning after yesterday’s advance, and the algo’s around the world are doing there best to keep the major indexes below their respective 50-day moving averages. The German DAX is one such example, which is trading lower today by 40 bps, after failing yesterday at its 50-day moving average.
South Korea (EWY)
Meanwhile, the KOSPI reached and failed at its 50-day moving average overnight.
S&P 500 (SPY)
Meanwhile, the S&P 500 futures continue to flirt with their 50-day moving average and struggling for the second day in a row.
It seems to tell the tale that the sellers are still very much in control of these markets. It would suggest that caution is warranted and that these big moves higher the past few days are nothing more than a rebound in an otherwise downward-sloping market.
I would expect the S&P 500 to fill the gap created from yesterday’s move higher, back towards 3300. 
Square (SQ)
Square is up a bit in the pre-market after getting its rating pushed higher to outperform from peer perform at Wolfe Research with a $195 price target. The big test will come around $163, and if the stock can advance past the gap fill. If it can’t, then a move back to $157 is likely.
Qualcomm (QCOM)
Qualcomm had its price target raised to $120 from $110 at Barclay’s. The stock probably has a little more to rise, with a gap to fill up at $123.
NXP Semi (NXPI)
NXP Semi had its price target increased to $140 from $130 at KeyBanc. The stock has some stiff resistance at $125 and is likely to fill the gap lower around $120.
That’s it for this morning. Good luck today
-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.
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