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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MICHAEL KRAMER AND CLIENTS OF MOTT CAPITAL OWN NFLX, ACAD, TSLA, SWKS
Good Morning Today is December 10
- S&P 500 futures are pointing to a higher opening of 5 points as of 8:30 AM
- The US 10-year rate is at 2.85%
- Dollar Index is at 96.63
- WTI Crude Oil is $51.69
- Critical events for today: – Brexit? Will PM May pull the vote?
Recap of International Trading:
Japan was lower by 2.1%
Hong Kong Hang Seng Index finished the down 1.2%
China Shanghai Comp. -0.8%
UK FTSE up 0.4%
DAX down 0.6%
FED Rate Hike Watch:
Currently, the market is pricing in a 41% there are no rate hikes in 2019, and 34% chance of just one rate hike. My how things have changed.
Will The Sell-off Continue?
The stock market continued its sell-off on Friday, and it spilled over into international trading overnight, as one would expect. But futures are slightly higher today. The significant level in the S&P 500 that must hold is 2,616 otherwise a retest of the February around 2,550 is on the table. Key resistance to watch for is 2,670.
The Russell is also nearing its February low, that level comes at 1,433.
The NASDAQ support comes at 6,800.
FANG stocks will continue to be a focus for most investors. Amazon has performed reasonably well during the last round of selling and firmly stayed above support at $1620. Should the stock stay above $1620, then it could very well be back on its way to $1760.
Netflix continues to hover around its long-term uptrend which dates back to late 2016. A rise above $285 sends the stock on towards $300
The stock is nearing its long-term downtrend, and an increase above $140 could finally break the downtrend and send the stock to $148.
Keybanc downgraded both Skyworks and Qorvo to sector weight from overweight.
Micron appears to be heading towards support around $34.10 Resistance is firm at $36.40
Nvidia also looks to be heading to $139.50.
Tesla’s Elon Musk was on 60 minutes. It was a great interview, watch it if you can! It is only about 15 minutes. You learn a lot about him including his horrible childhood. The stock continues to perform well in a difficult market. I continue to believe this stock will be at its all-time by year-end. It has held $359 support very well.
Acadia was initiated with a hold and $23 price target at Canaccord.
Gilead appoints Daniel O’Day Chairman and CEO. He comes from Roche. Resistance is around $72
Good luck 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
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