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

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

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.

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

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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


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.



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



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Apple the same thing.


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 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.



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.



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.



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



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.


That’s all!

Good Luck


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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