It's Likely To Be Another Wild Day At Casino Known As The Stock Market

Will It Be Another Wild Day At The Casino Known As The Stock Market

Subscribe to receive this FREE daily commentary directly in your email

MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN TSLA

Good Morning Today is December 27

Recap of International Trading:

  • Japan was up 3.88%
  • Hong Kong Hang Seng Index down 0.67%
  • China Shanghai Comp. down 0.61%
  • UK FTSE down 0.73%
  • Dax down 1.52%

FED Rate Hike Watch:

According to the CME, there is now a 61.1% chance there is no rate hike in 2019 and a 24.5% chance of just one rate hike, and 9.6% of a rate CUT.

Red or Black?

Yes, the stock market seems more and more like a casino every day, surely not what we want to see. The machines have gone loco.

As of now, the equity markets are looking to pare its gains from yesterday. On the S&P 500, support for today will be around 2,441 followed by 2407. I am still optimistic that the S&P 500 can continue to rally to about 2,530 as long as it can manage to stay above 2,407.

You can see in the chart 2,407 acted as well-defined resistance/support region yesterday on the way higher.

S&P 500

NASDAQ

For the NASDAQ the support level around 6,460.

nasdaqRussell

For the Russell, support is at 1,311 and resistance is at 1,344.

russell

Housing

The housing sector HGX closed right on resistance at 240, and that may prove to be the one to watch today should it break it out it is likely to be positive for the broader market. There will be some housing data to watch this morning, or maybe not. Apparently, this data will not be released because of the government shutdown.

hgx, housing sector

Amazon (AMZN)

Amazon had a big day yesterday, and today the stock is looking a bit weaker. Support rest around $1450.

amzn

Tesla (TSLA)

Tesla found and bounced off support around $300, and that will continue to support going forward. Remember we should get Tesla Delivery number around January 3.

tesla

Unlock Deeper Insights with Exclusive Member-Only Video Content on The Market Chronicles YouTube Channel – Just $34.99/Month

[youtube-feed feed=7]

Roku (ROKU)

Roku has fallen to support $29.40. But there is still a pretty big gap that needs to be filled around $19.

AMD & Nvidia

AMD and Nvidia are both trading lower to start as RBC more risk to GPU pricing.

Nvidia needs to stay above support at $121, while AMD needs to stay above support at $16.

amd, nvda

Not a lot of news out there today, as one would expect with year-end near. That will obviously change once the new year beginnings and of course earnings season quickly approaches once again.

Today is sure to be a roller coaster

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 results.

Amazon, Roku, Tesla, stocks, stock market

Add your email to The Market Chronicles' growing list of daily readers. A FREE market commentary on the trading day's most critical and least apparent events!

Add your email to The Market Chronicles' growing list of daily readers. A FREE market commentary on the trading day's most critical and least apparent events!

Subscribe to receive this FREE daily commentary directly in your email

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.