4 Stocks and 3 Sectors To Watch For May 22
michael Kramer and the clients of Mott capital own shares of visa
It was a solid day for the S&P 500, with the broader index up about 75 bps, closing at 2,733. Meanwhile, Industrials were the clear winners rising by about 1.6 percent, followed by chips, and more general technology, and financials.
The setup looks very strong in the broader market, and it looks there are still more gains to come. I have written over and over about the strong fundamentals, and now the technicals are coming into alignment.
The strength in the small caps is confirming the positive tone, which is now at all-time highs.
Boeing was the big winner today with shares jumping by nearly 4 percent. I wrote on Sunday that the stock was likely heading back to $370. Well, today it finished up at $364. Should it get to $372, it will be a big test for the stock, because that is resistance from the previous high set back on February 28.
The setup in the industrial ETF (XLI) doesn’t appear to be all that different. That ETF is looking very strong too.
The setup in the technology ETF XLK looks like it is just ready to bust out, and continue its previous rise.
Visa also looks set to breakout to new record highs.
Micron was a clear leader in the chip sector today, and it too looks set to go higher. The company pre-release better than expected quarterly guidance prior to their investors day. Tonight, after the close, the company announced at $10 billion shares repurchase.
The setup in the broader SOXX also looks very positive. I think we may see $197 in the not to distance future.
JP Morgan is also nearing a potentially massive breakout.
That is it for today.
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