May 1, 2019

Michael Kramer and the clients of Mott Capital own Apple, Skyworks, NXP

US Trading

• S&P 500 Futures +10
• US 10 Year 2.5%
• Oil $63.50
• VIX 12.90
• Dollar Index 97.35

International Trading

• Most major markets closed for May 1

Economics

• ADP Job Report +180K
• ISM Mfg. Index 55
• FOMC Rate Decision

US Markets

S&P 500 (SPY)

The stock market will try to resume its record gains today, and with the futures pointing to a higher, it seems it may be the case. 2,960 may be the next level of resistance for the S&P 500. It gets harder to figure these levels out daily given there are no overhead resistance levels. But I’m basing 2,960 off the channel the index has been rising in.

Apple (AAPL)

Apple is the big story this morning rising following results to around $212. The key here is that the stock is trading above resistance at $209. It sets up a move to about $217.

AMD (AMD)

AMD is also rising this morning following its results, and Cowen raised its price target on the stock to $36 from $33. The stock is hovering below crucial resistance at $29.40, should the stock rise above that level it has room to run to $31.50.

Nvidia (NVDA)

Nvidia is rising this morning along with AMD, and the next significant level of resistance comes around $185.25 with the potential for the stock to increase to about $198.

NXP Semi (NXPI)

NXP will try to rally again today following yesterday significant rise. The stock stalled out at resistance around $106 and could be on its way to $115.

Skyworks (SWKS)

Skyworks, an Apple supplier, will report results tomorrow night and its next level of resistance comes around $93.70, with the potential to rise to about $100.

Square (SQ)

Square will report results tonight, but the chart suggests the stock may fall with the potential to around $65.50.

That’s it for the first day of May.

-Mike

Photo From Flickr

Mott Capital Management, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Past performance is not indicative of future results.