Stocks Slump On July 7 Closing At The Lows Of The Day

Stocks had a wild trading session, starting the morning lower, then rising, and finishing the session on the lows of the day, with the S&P 500 down over 1%. At this point, it seems there is a good chance that the S&P 500 works its way lower still and tries to fill that gap around 3,130. 

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The index just continued to fail all day at that 3180 region, picking from where it left off yesterday. It was also unable to surpass the gap fill from mid-day June and February downtrend. 

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The Qs also turned lower today with the potential to work their way to the lower end of the channel once again. I went through this a little bit more this morning in the audio commentary; there is more to this than just the charts.

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10-Year

10-year yields are on the brink of a significant break down once again, with a decline below 63 basis points. 

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Nvidia (NVDA)

Nvidia’s rising wedge pattern is nearly complete; at this point, it just needs to fall below that lower uptrend. I think it will and then drop to $350 on the way. Again, I highlight this along with some options trades, and an insane valuation in this write-up yesterday. 

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Acadia (ACAD)

Acadia had an awesome day finally breaking out and jumping to a record high at $57! It got an upgrade from Stifel of all places, the analyst over there hasn’t been a fan of Pima over the years, so I view this as a positive. I think the stock still has further to rise, perhaps $61. 

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Intel (INTC)

Intel looks lousy until to break out at $59.75, and an RSI that is drifting lower. I think $56 is the next stop. I had thought initially it might go higher, but that is unlikely at this point. 

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Disclosure: MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN ACAD.

Disclosure: Mott ...

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