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