Stocks Will Try To Bounce Back On April 24

By Michael J. Kramer of Mott Capital Management

Founder/CEO at Mott Capital Management, LLC • Apr 24, 2020 at 8:48 AM EDT

Stocks are rising some this morning, by around 35 basis points on the SPY ETF.

S&P 500 (SPY)

Stocks are rising some this morning, by around 35 basis points on the SPY ETF. Again, there is a downtrend that has formed across the indexes, and one should think about the next move lower for stock prices. There is even the potential that the S&P 500 to $263 on the ETF.

Intel (INTC)

Intel is down this morning after reporting results last night. The stock right now is clinging to support around $56. A drop below that $56 price could lead to sharper decline, perhaps to approximately to $50.25.

Square (SQ)

Square has been hanging around the $60, and I still think there’s a chance the stock climbs back to around $68.

Bank of America (BAC)

Yesterday I saw some bearish betting taking place in Bank of America, and I still think it falls to around $19.50.

Alphabet (GOOGL)

Alphabet bet has now failed a couple of times around $1290, watch for a pullback to $1200.

Have a good one

Disclosure:

Michael Kramer Owns IWM Puts

Michael Kramer And The Clients Of Mott Capital Own GOOGL

Disclaimer:

This article is my opinion and expresses my views. Those views can change at a moment's 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, and I do not trade my account on the stocks spoken of in this column unless fully disclosed.
Additional Disclaimer: 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.