Today was a dull day, with the S&P 500 doing a whole bunch of nothing. Even Amazon is doing nothing after results. Intel that is another story, shares are down after lowering its guidance. I should have stuck with my call over the weekend. But all the options activity swayed my opinion. It happens, we aren’t perfect, and we can be wrong. I try my best.
Intel has pretty solid support at roughly $52.50. I feel like the same thing happened last quarter with the stock falling sharply after results and rising in the days after. That’s because it did.
Amazon is up slightly, and the results were good. The guidance was a bit light; I’m not sure that the results change much. But I will look closer over the coming days.
I’m not sure why Netflix has been so weak the last couple of days. It could be the stock is just stock in this channel, and now it is moving back to the lower range.
Facebook gave back some of its gains, but the good news is that it continues to hang around technical support at $194.50
Semis – SMH
Tomorrow will be a test for the semis, and with Intel and Texas Instrument giving pretty bad guidance, the SMH will be put to the test. It needs to hold this $114 level to avoid a drop to $111.
Sorry, that is it tonight. My energy is drained, and I’m wiped out.
This article first appeared on Mott Capital.
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