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.
Otherwise, enjoy the column!
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Michael Kramer and the clients of MOtt Capital own Apple
Michael Kramer owns SPY Calls
- S&P 500 Futures +1 point
- 10-Year Yields 2.37%
- VIX 15.31
- Oil $59.02
- Dollar Index 96.98
- Japan Nikkei -1.6%
- China Shanghai -0.92%
- Hong Kong HSI +0.16%
- South Korea Kospi -0.82%
- UK FTSE +0.41
- German DAX +0.28%
S&P 500 (SPY)
When we look at around the globe, we can find that most markets have just stalled out in recent weeks. The markets globally seem to be lacking in any direction. The S&P 500 is not any different and is pointing to a flat opening today, and the battle zone will seemingly continue with support around 2,785 and resistance around 2,812.
There is no doubting that yields will sway the direction of stocks. For now, support in the 10-year note is around 2.31%.
Apple has performed well in recent trading, and the stock seems like it may just range bound over the next few weeks, which would be welcome news and give the stock a chance to consolidate ahead of quarter results towards the end of April. The range is $182 to $195.
Nvidia is struggling to finish off the last leg of its break out, and until it can help significant rise above $178, we can’t say it has broken out.
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AMD continues to trend higher and is testing the uptrend now $24.75. The uptrend needs to hold, or we will need to consider the direction of this stock.
Micron is also really struggling, and once again $40.25 will act as stiff resistance. I think the odds of a decline to $36 are pretty high now.
Qualcomm continues to face stiff resistance at $58. I think the stock will struggle to break out until there is more clarity around its multiple suits.
Morgan Stanely was negative on chip stocks today following Infineon’s negative commentary, calling into to question a second-half recovery. I talk about this yesterday in my premium area noting recent data from the North American equipment billings data that has been weak. Micron Facing More Declines?
Lots of chips today?!
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.