{"id":106839,"date":"2021-10-12T23:55:05","date_gmt":"2021-10-13T03:55:05","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=106839"},"modified":"2023-02-16T15:07:24","modified_gmt":"2023-02-16T20:07:24","slug":"stocks-drop-on-october-12-with-more-trouble-on-the-horizon","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/stocks-drop-on-october-12-with-more-trouble-on-the-horizon\/","title":{"rendered":"Stocks Drop On October 12 With More Trouble On The Horizon"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Stocks \u2013 AAPL, MU, PYPL<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Macro \u2013 SPY, IEF<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN AAPL<\/strong><\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Another weak day for stocks as the S&amp;P 500 finished down 24 bps, while the NASDAQ 100 finished down 35 bps. It was an incredibly dull day, with most of the activity happening in the final 45 minutes of the trading session. It was so boring that the VIX finished the day lower, closing down almost 1% at around 19.90. How many times do you see the VIX and the S&amp;P 500 go down on the same day?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-10-year-ief\">10-Year (IEF)<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The 10-year fell more than five bps today, to 1.58%. The 10-year stalled out at 1.63%, which I had noted was a big resistance level. I know this isn\u2019t a popular view, but I still think rates push lower from here on the long end of the curve. The dollar is strengthening very quickly, and as I have said multiple times, a stronger dollar is a growth killer. So what we might start to see is a curve that flattens as the market picks up on this stronger dollar\/weak growth trend, with the front-end rising and back-end falling. If so, then the 10-year heads back to 1.52%, then back to 1.36%. That won\u2019t be good for the banks, and probably why they have been so weak this week.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"566\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/1-US-Government-Bonds-10-Year-1100x566.png\" alt=\"US Gov Bond 10 Year\" class=\"wp-image-106840 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/1-US-Government-Bonds-10-Year-1100x566.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/1-US-Government-Bonds-10-Year-700x360.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/1-US-Government-Bonds-10-Year-300x154.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/1-US-Government-Bonds-10-Year-768x395.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/1-US-Government-Bonds-10-Year.png 1320w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/566;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">S&amp;P 500 (SPY)<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The S&amp;P 500 has been hugging on to the 20-day moving average since October 7, unable to get above. Meanwhile, there is plenty of room for the index to take a shot at the lower Bollinger band, around 4,280.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"566\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/2-SP-500-3-1100x566.png\" alt=\"S&amp;P 500\" class=\"wp-image-106842 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/2-SP-500-3-1100x566.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/2-SP-500-3-700x360.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/2-SP-500-3-300x154.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/2-SP-500-3-768x395.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/2-SP-500-3.png 1320w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/566;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">If the bears want to maintain control of this market, they will need to undercut last week\u2019s decline and drop below 4,280. There is a bear flag on the technical chart, indicating that a potential drop tomorrow. A retest of last week\u2019s lows seems likely.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"566\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/3-SP-500-30-min-1100x566.png\" alt=\"S&amp;P 500 30 Day\" class=\"wp-image-106843 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/3-SP-500-30-min-1100x566.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/3-SP-500-30-min-700x360.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/3-SP-500-30-min-300x154.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/3-SP-500-30-min-768x395.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/3-SP-500-30-min.png 1320w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/566;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Apple (AAPL)<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The bears may get an assist tomorrow on reports that Apple will cut the production of nearly 10 million iPhone units due to chip shortage. The report notes that Apple was expected to produce 90 million phones in the year\u2019s final three months. The news will not help things tomorrow, and I would imagine the stock needs to trade lower. The shares are trading around $139.50 in the after-hours, and if that level breaks tomorrow, the next stop is probably the trend line around $133.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"566\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/4-Apple-1-1100x566.png\" alt=\"Apple\" class=\"wp-image-106844 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/4-Apple-1-1100x566.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/4-Apple-1-700x360.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/4-Apple-1-300x154.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/4-Apple-1-768x395.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/4-Apple-1.png 1320w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/566;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Micron (MU)<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Micron&nbsp;<em>FINALLY&nbsp;<\/em>broke because of reports of memory price weakness; what a surprise. It has only been in the news cycle for two- weeks. I first mentioned this on October 2. Did it take the market nearly one and a half later to figure this out? Unreal.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now that support at $69 is busted, I think it will continue on its way towards $58. It may take some time, but that is a big gap that needs to be filled.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"566\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/5-Micron-4-1100x566.png\" alt=\"Micron\" class=\"wp-image-106849 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/5-Micron-4-1100x566.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/5-Micron-4-700x360.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/5-Micron-4-300x154.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/5-Micron-4-768x395.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/5-Micron-4.png 1320w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/566;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">PayPal (PYPL)<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">PayPal is very close to breaking down here, with a drop below $255, which should push it to $230. The RSI shows you that momentum is very bearish.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"756\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/6-PayPal-1100x756.png\" alt=\"PayPal\" class=\"wp-image-106850 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/6-PayPal-1100x756.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/6-PayPal-700x481.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/6-PayPal-300x206.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/6-PayPal-768x528.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/6-PayPal.png 1320w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/756;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Originally Posted on October 12, 2021&nbsp;\u2013 <a href=\"https:\/\/mottcapitalmanagement.com\/stocks-drop-on-october-12-with-more-trouble-on-the-horizon\/\">Stocks Drop On October 12 With More Trouble On The Horizon<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Another weak day for stocks as the S&#038;P 500 finished down 24 bps, while the NASDAQ 100 finished down 35 bps.<\/p>\n","protected":false},"author":17,"featured_media":106850,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[6,8,9,22,26,3],"tags":[155,8122,265,4047,262],"contributors-categories":[13718],"class_list":["post-106839","post","type-post","status-publish","format-standard","has-post-thumbnail","category-north-america","category-region","category-securities","category-stocks","category-text-articles","category-traders-insight","tag-aapl","tag-ief","tag-micron","tag-pypl","tag-spy","contributors-categories-mott-capital-management"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Stocks Drop On October 12 With More Trouble On The Horizon<\/title>\n<meta name=\"description\" content=\"Another weak day for stocks as the S&amp;P 500 finished down 24 bps, while the NASDAQ 100 finished down 35 bps.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/106839\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stocks Drop On October 12 With More Trouble On The Horizon | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"Another weak day for stocks as the S&amp;P 500 finished down 24 bps, while the NASDAQ 100 finished down 35 bps.\" \/>\n<meta property=\"og:url\" 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