Turnaround Tuesday? Stock's Mount Unconvincing Rally on June 26

Turnaround Tuesday? Stock’s Mount Unconvincing Rally on June 26

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Turnaround Tuesday? Stock’s Mount Unconvincing Rally on June 26

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MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN SHARES OF TSLA AND NFLX

Turnaround Tuesday? Well, I would certainly not go that far. Sure the S&P 500 was up, 22 bps, big deal. It still has plenty more to go to regarding yesterday’s losses. It seems like the machines have taken over based on the trading action in Netflix.

Today’s Premium Video: Banks Still Look Very Weak, BofA May Fall 9% More

Netflix

The chart of Netflix appears to be a game, more than trading. Yesterday shares declined to a gap fill around at $382, which to be honest I didn’t even see yesterday. The rebound today takes the stock right back to the base of the gap at $405. I circled it to make it easier to understand.  My gut suggests shares retest $382, before week’s end.

netflix

Amazon

Amazon’s pattern is not all that different than Netflix in some regard.

amazon

Apple

Apple the same thing.

apple

Does it mean something, potentially? Tomorrow will be telling if these continue the declines from the end of today.  I get the feeling that by the end of tomorrow, we are going to have a good handle on where many of these stocks will be heading before the earnings releases.

Micron

Micron regained supported at $54 and may see a gap fill now back to $57 over the next few days. Just be careful that resistance at $57 may prove difficult.

micron

Tesla

Tesla’s strength yesterday, in a terrible stock market showed why today, with the stock jumping by over $8 to $342.  It looks like $346 will be the next price to watch for Tesla.

tesla

Intel

Someone asked me about how low Intel could go, and I didn’t answer them on purpose, because at that point it was too tough to call with the stock closing yesterday at support. But now I think it is starting to come into focus.  I think we fall to about $48 or maybe slightly below, like 47.25. We can see volume has been steadily rising, but it has not a hit a capitulation type of volume yet. RSI is also starting to show some bottoming.

intel

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Dollar

The dollar index is starting to turn higher right where it was supposed to.

dollar

Oil

Oil went over $70, and I know everyone is all bulled up now on, I’m not convinced yet. When it gets over $73, Ill worry about it.

oil

That’s all!

Good Luck

-Mike

Photo Credit via 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.

#sp500 #amazon #netflix #intel #tesla #apple #dollar #oil

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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.