Michael Kramer and the client off Mott Capital own Apple

Stocks Mentioned: Apple, Amazon, Intel, Nvidia, Square

May 9, 2019

S&P 500 (SPY)

Stocks had a wild day of trading that resembled something like a casino or a rollercoaster, with ups and downs, twist and turns. It is impossible to know for sure, but the comeback was impressive and perhaps more important is where the index stopped falling. The S&P 500 filled a very important gap that was formed on April 1 today at 2,836. From that point on it was up on the S&P 500.  I pointed this out this morning in a premium article post.

There is still plenty of work to do because a downtrend has formed in the index and now the S&P 500 would need to clear 2880 to confirm a break out from the downtrend, giving hope for a rise to 2,915.

Rates

The 10-year treasury yield also managed to hold on to support at 2.42%.

Square (SQ)

I saw some bullish betting in Square today, and the stock continues to hold support at around $65.50. You can read more here in a premium room write up about the opinion activity.

Apple (AAPL)

Apple fell below the uptrend but is still holding on to support at $198. A break below this price sends Apple’s stock down $194.

Amazon (AMZN)

Amazon fell below support at 1,900 today, and that means the stock may be on its way to $1850. The uptrend that has been in place send March is broken too.

Intel (INTC)

Intel has broken down and the region around $46 needs to hold or a drop to $42.50 seems likely.

Nvidia (NVDA)

Nvidia looks weak and $150 may now be on the table for the stock.

That is it. At least tomorrow is Friday!

Mike

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