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Will The Stock Market Set A New All-Time High on April 29?

Will The Stock Market Set A New All-Time High on April 29?

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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April 29, 2019

Michael Kramer and the clients of Mott Capital own Disney, Alphabet, Tesla

Michael Kramer owns IWM Calls

US Markets

  • S&P 500 Futures -1.5 points
  • US 10-Year 2.51%
  • Dollar Index 98.03
  • Oil $63.09
  • VIX 13.20

International Markets

  • Japan Nikkei -0.22%
  • Shanghai -0.77%
  • Hong Kong HSI +0.97%
  • KOSPI +1.7%
  • UK FTSE -0.07%
  • Germany DAX -0.24%

International Markets

Shanghai (FXI)

The Shanghai Composite continues to melt down, but it is at a point now where it should find a bounce. The index has dropped to technical support around 3,220. Additionally, the RSI has retraced and returned to the uptrend. The index is at a good spot to find a rebound.

China, shanghai

US Markets

S&P 500 (SPY)

The S&P 500 will attempt to break out today and set a new intraday high above 2940.

S&P 500 , spy

Russell (IWM)

The Russell will attempt to break out today rising above 1593.

russell

Disney (DIS)

Disney’s stock is rising this morning yet again, this time after its latest Avengers movie smashed all kinds of opening weekend records.

dis

Adobe (ADBE)

Adobe is popping this morning after Morgan Stanley upgraded the stock to overweight from equal weight and put a price target of $340 on it. The stock probably has room to rise to around $290 before pausing again.

adbe

Tesla (TSLA)

Tesla is bouncing some today. The stock has been decimated following its first quarter results. It appears that the SEC and Elon Musk have agreed on his Twitter account. For now…

I think the stock is oversold and due to bounce. But then again I have said that before. This is kind of like the point of no return for the shares, so if you are long, it has to bounce here.

tesla, tsla

Alphabet (GOOGL, GOOG)

Alphabet reports results tonight, and the stock is trading higher ahead of the news. I can’t remember the last time Alphabet had a big move following results. Anything above $1295 is a new all-time high.

alphabet, googl

Intel (INTC)

Intel needs to stay above $52.50 today.

intel, intc

Good Luck,

-Mike

Photo from 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.