Will The Stock Market Bloodbath Continue or Can The Bulls Break Free

MICHAEL KRAMER AND CLIENTS OF MOTT CAPITAL OWN NFLX, ACAD, TSLA, SWKS

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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?

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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.

Amazon (AMZN)

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 (NFLX)

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

Facebook (FB)

The stock is nearing its long-term downtrend, and an increase above $140 could finally break the downtrend and send the stock to $148.

Chips

Keybanc downgraded both Skyworks and Qorvo to sector weight from overweight.

Micron (MU)

Micron appears to be heading towards support around $34.10 Resistance is firm at $36.40

Nvidia (NVDA)

Nvidia also looks to be heading to $139.50.

Tesla (TSLA)

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 (ACAD)

Acadia was initiated with a hold and $23 price target at Canaccord.

Gilead (GILD)

Gilead appoints Daniel O’Day Chairman and CEO. He comes from Roche. Resistance is around $72

Good luck today!

-Mike

Michael Kramer publishes independent macro and options research read across 10+ platforms and by institutional desks. For research syndication, licensing, or consulting inquiries, visit michaeljkramer.com.

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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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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.