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 Monster Stock Market Commentary and join the 1,835 subscribers getting it for FREE every day!
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN SHARES OF NFLX
Stock’s continued to surge today following last weeks big rally. The big news is that S&P 500 has risen above critical resistance at 2,532. That was the resistance level we have discussed over the past few days, and the level I mentioned over the weekend I thought we could rise above. This sets the index for a climb to around 2,630
I talked about the broader market set up in more depth in a video blog today. The Markets Can Likely Run Higher
The Russell 2000 looks to be the road to around 1,433. It was the strongest of the major indexes today.
Another piece of good news is that the Housing index HGX broke out above resistance at 252, setting up a run to 269.
The biotechs were the hottest group today with the XBI up over 5%. But the one piece of bad news here is that XBI butted up against a downtrend and stalled. Not a great sign!
Sage Therapeutics was one of the stock, and as we noted this morning resistance for the stock was around $140, and that is pretty much where the stock is trading.
I noted over the weekend; I thought Roku could break out and rise to roughly $43. I didn’t know it would happen in one day! The stock hit resistance today at $43 and pulled back some. If the stock can manage to rise above $43, there is likely room for the stock to increase to around $48.
Netflix stock has broken out as well today, with shares rising over $300. The next level to watch for is $330. Additionally, the relative strength index is breaking out after it rose above the downtrend — a sign that momentum is turning more bullish.
Amazon is trying to break out and is hovering around the $1620 level, trading around $1630. For Amazon, I wouldn’t consider this a break out, yet. I’d like to see it rise above $1,650.
Square is getting closer to a breakout and it needs to rise above $62.
Nvidia is having a good day, rising above $140, this could result in the stock rising to around $151.
Sorry to make it so technically heavy today, but lots of breakouts and that is a good thing.
amazon, netflix, roku, biotech, square, nvidia