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Bulls Vs. Bears
The Bears tried so hard to break the Bulls last week, hitting them with everything. The Bulls today said, I don’t think so, and stuffed it right back down the throat of the Bears, with the S&P 500 rising by 1 percent and the NASDAQ up over 1.3 percent. Over the past five days, the S&P 500 and NASDAQ are only down about 60 bps, and back within spitting distance of their all-time highs.
One Danger Lurking
The one danger we must all be aware of is that the equity market gapped higher at the open and was unable to push higher through out the day, suggesting the Bears are still alive out there, patiently waiting. Today’s move higher fills the gap created the morning of August 10. Tomorrow will be the critical day, if the Bears mount an attack they will target the lows seen on August 10, if they are unable to, the equity markets are likely to move higher in an attempt to take out the all-time highs.
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Technology and Biotech
Believe it or not,  the technology sector as measured by the Technology Select Sector SPDR (XLK) is now actually at a higher level than it was on August 9 and is up nearly ten bps over the past five trading session. Biotech on the other hand as measured by the iShares NASDAQ Biotechnology ETF (IBB) is still struggling to regroup but is well off its lows.
Watching Japan
The one other positive, for now, the Yen appears to have reversed its pattern of strengthening and has begun to weaken so far today. A sign that risk aversion is unwinding.
Yen by Scorpio244 on TradingView.com
While the Japanese equity markets have opened the day modestly higher
Nikkei by Scorpio244 on TradingView.com
We’ll keep watching….
The free article picks of the day:
Why AMD’s Stock Is Not Worth $20
Netflix Is On Its Way To 130 Million Subscribers
Nvidia’s Growth Story Is Aging, But Not Broken
Snap Proves Again Why Facebook Is King
Chip Stocks Not Finished Yet, More Room To Run
Michael Kramer and the clients of Mott Capital own shares of  NFLX
Disclaimer: 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 recommendation made during the past twelve months. Past performance is not indicative of future performance.
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Charts used with the permission of Bloomberg Finance L.P. This report contains independent commentary to be used for informational and educational purposes only. Michael Kramer is a member and investment adviser representative with Mott Capital Management. Mr. Kramer is not affiliated with this company and does not serve on the board of any related company that issued this stock. All opinions and analyses presented by Michael Kramer in this analysis or market report are solely Michael Kramer’s views. Readers should not treat any opinion, viewpoint, or prediction expressed by Michael Kramer as a specific solicitation or recommendation to buy or sell a particular security or follow a particular strategy. Michael Kramer’s analyses are based upon information and independent research that he considers reliable, but neither Michael Kramer nor Mott Capital Management guarantees its completeness or accuracy, and it should not be relied upon as such. Michael Kramer is not under any obligation to update or correct any information presented in his analyses. Mr. Kramer’s statements, guidance, and opinions are subject to change without notice. Past performance is not indicative of future results. Neither Michael Kramer nor Mott Capital Management guarantees any specific outcome or profit. You should be aware of the real risk of loss in following any strategy or investment commentary presented in this analysis. Strategies or investments discussed may fluctuate in price or value. Investments or strategies mentioned in this analysis may not be suitable for you. This material does not consider your particular investment objectives, financial situation, or needs and is not intended as a recommendation appropriate for you. You must make an independent decision regarding investments or strategies in this analysis. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Before acting on information in this analysis, you should consider whether it is suitable for your circumstances and strongly consider seeking advice from your own financial or investment adviser to determine the suitability of any investment.