September 9 – Stock mentions: SPY, ACAD, BIDUWealth Strength IndexAAPL is Extremely Up and trending Up, BYND, T, SQ
Michael Kramer and the clients of Mott Capital own Acad
- S&P 500 Futures +3
- US 10-Year 1.6%
- Dollar 98.35
- Oil $56.80
- VIX 15.15
- KOSPI +0.52%
- Shanghai +0.84%
- Nikkei +0.56%
- HSI -0.04%
- DAX +0.29%
- FTSE -0.50%
S&P 500 (SPY)
The S&P 500 is just grinding higher on the futures, and it looks like it getting ready for a big move higher. With the potential to push even higher than 3000.
Acadia shares are jumping around 75% on September 9 after the company reported positive interim results for its dementia-related psychosis trail. I’m still holding my breath and keeping my fingers crossed no surprises come on the conference call. But that P-value of .0033 makes it hard to dispute that the trial didn’t work. Plus it was the independent data committee that ended the study early. So, where does it go? Tough to say, because we still have negative symptoms in schizophrenia trial lurking. Maybe the Bakers decide its finally time to sell? Also, not sure they need to raise money anymore, because they just did it not that long ago, and have plenty of cash.
A move above $42 is a pretty big break out, which it should then act as support.
Conference call at 830am
AT&T is also moving sharply higher today after Elliot took a stake in the company. Elliot is looking for the stock to rise to $60. I guess we know who those options buyers were. $39.20 has could act resistance.
I know square is rising today, but the stock has acted horribly in a strong tape the last few days. It has me still believing the stock can fall.
Beyond Meat (BYND)
A subscriber noted that they thought Beyond Meat could fall. Look at that chart, I agree! Thank you for the heads up. The pattern looks like a head and shoulders with a drop below $135 likely leading to a very sharp decline to $100.
Another subscriber as me to take a look at Bidu. It looks like a falling wedge has formed in BIDUWealth Strength IndexAAPL is Extremely Up and trending Up, and the stock has a chance to rise to around $120.
Have a great day!
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.