Home » The Stock Market Fell On July 8, But Don’t Expect It To Last

The Stock Market Fell On July 8, But Don't Expect It To Last
The stock market fell on July 8, but don't expect it to last. The trends are still pointing to higher equity prices in the future.

The Stock Market Fell On July 8, But Don’t Expect It To Last

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.

Otherwise, enjoy the column!

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July 8 – Stock mentions: SPY, MU, AAPL, AMZN, JD, AMZN

Michael Kramer and the clients of Mott Capital own AAPL

Stocks had a pretty dull July 8. The market just fell at the open and traded sideways the rest of the day. I’m kind of happy about that, I just had a really off day. I did a series of changes to my services over the weekend, and while I got everything working at home correctly, the office was another story.

Just a reminder on July 10 I will be conducting a live webinar hosted by Interactive Brokers at 12 PM: Low Interest Rates May Push S&P 500 Into New Territory

 

S&P 500 (SPY)

The S&P 500 finished July 8 lower by about 50 basis points at 2,975. The 3,000 mark continues to elude investors. Is it that important that we reach 3,000? Yes and no. Psychologically it does mean something, but in reality, it is just another number.

It seems possible that the S&P 500 can continue to trade sideways through July 10. That will be the day that index either breaks higher or lower. The trend favors a break higher, pushing the index over 3,000.

Can the market continue to rally? It seems like the answer may be yes.  Only 59% of stocks are trading above their 50-day moving average. That number peaked in February at nearly 90%. We can see it has also risen at higher levels in the past.

50 day moving average

Micron (MU)

Micron had a strong day despite the semis having a weak day. I’m questioning myself on this one now. I had seen plenty of evidence to support MU falling. However, MU has held very nicely around $39, and one more day of action like this will likely make me throw in the towel and chalk it up as being wrong.

Micron, mu

Amazon (AMZN)

Amazon is one stock heading in the right direction. AMZN is now less than 1% away from the $1,965 target I laid out about a month ago. Why Tesla And Amazon May Rise Further. A rise above $1,965 sets up that re-test of the all-time highs.

amazon, amzn

Apple (AAPL)

Apple fell hard today on a downgrade. But nothing changed for AAPL technically, the uptrend to $209 is still in place. ‘

apple, aapl

Alibaba (BABA)

Alibaba fell hard today, but nothing changed here either, with a strong uptrend in place, on a path to $179.

alibaba, baba

JD.com (JD)

JD.com is also still trending higher, and I continue to think JD trends towards $34.80.

jd.com, jd

Have a great afternoon

-Mike

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