Biotech Near Breakout Levels? S&P 500 at 2450!

This column is my opinion and expresses my views. Those views can change at a moments notice when the market changes. I am not right all the time and I do not expect to be. I disclose all my positions clearly listed on the page, and I do not trade my account on the stocks spoken of in this column unless fully disclosed. If that does not work for you stop reading and close the page. Do not bother me or harass me.

Otherwise, enjoy the column!

Subscribe to The Market Chronicle to get the Daily Monster Market Commentary and join the 2,892 subscribers getting it for FREE!

On June 8, we wrote that S&P 500 looked like it was set-up to take its next leg higher. Today the S&P broke 2,450 setting a new record.
^SPX Chart

^SPX data by YCharts

The trend in the S&P 500 is very powerful and it would seem we have no started that next leg higher after some consolidation around the 2,430 level.

Get a Two-Week Free Trial To Our Premium Video Content! Today’s Video: 

Biotech Getting Very Close To Breakout

Biotech Breakout?

We also wrote on June 1, that Biotech appeared to be coming back to life, after forming a reverse head and shoulders on an intraday chart. Today the iShares NASDAQ Biotech ETF is up about 2.5 percent and trading at $300.
IBB Chart

IBB data by YCharts

If Biotech is able to come back to life and officially breakout then the market could really start to have some legs for a further rally.


To get this sent to your inbox

[wysija_form id=”2″]


Subscribe to the The Market Chronicle to get it Daily and join the 2,892 subscribers getting it for FREE!

The Options Market Suggests Lower Prices For …

Why Apple’s Shares May Fall Further (AAPL)

A Flattening Yield Curve Is Good For The Economy and Stocks

Costco, Kroger, Wal-Mart Feel Pain of Amazon Deal (COST, KR, WMT)

Sectors :


Sector Performance


Michael Kramer is the Founder and Portfolio Manager of Mott Capital Management LLC, 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 recommendation made during the past twelve months. Past performance is not indicative of future performance.




Thanks For Visiting The Market Chronicle!

Sign up to receive more great market content like what you just read sent to your inbox daily!

We don’t spam! Read our privacy policy for more info.