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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Why AMD, Square, Visa, MasterCard, Facebook, May Fall
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN SHARES OF NFLX, V, MA
It was a pretty uneventful day for stocks, with the S&P 500 fractionally lower. The trends we have focused on the last few days have not changed much. Amazon is still trending lower, while Netflix continues to consolidate.
Today’s Video: Looking At Acadia, Micron, AMD, Intel, And Amazon
AMD still has me fascinated, because the stock is holding itself together. But it is clear to me; there is trouble brewing. The stock has now failed two times to retake the uptrend. Additionally, it is now clear there is a level of resistance at $32.30. It is also clear a downtrend has formed. Next week will be crucial. I still think this stock is going to $29.50 and then even lower. We’ll see.
Square continues to go lower too. I noted yesterday the downtrend seems firm, and the stock is likely to go $82.50. Then the stock will need to be re-evaluated.
Look at the beautiful uptrend in Visa. It looks perfect. It is getting to that point, where it probably pulls back soon, maybe a decline to $145.
MasterCard looks nearly the same as Visa, and it too looks set to pull back some, perhaps to around $ 210-ish.
Facebook failed yet again at $166. Not a good sign for Facebook.
That is enough for a Friday. Plenty more to come.
Michael Kramer is the Founder of Mott Capital and the creator of Reading the Markets.
SPY, FB, MA, V, SQ, AMD, NFLX, AMZN,