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 to get the Daily Monster Market Commentary and join the 2,936 subscribers getting it for FREE!
October 10- Stock mentions: SPY, XLY, SMH, NFLX, AAPL, NVDA, ROKU, INTC
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN AAPL AND NFLX
Stocks had another solid day, with the S&P 500 rising by 63 basis points to close at 2,937. It places the index right at resistance and right at the downtrend, a significant level. Based on the pattern in the chart, it would indicate to me that the stock market is likely to break above the downtrend tomorrow and resistance and continue higher, pushing back to 2985 and likely beyond.
There are a few other things I’m watching that also make me believe that the market is poised to go higher from here in a paid subscriber video – More Signs Supporting Higher Stock Prices – The first two-weeks are free to try.
Semiconductor continues to flirt with a breakout but has been unable to rise above resistance at $120.75.
The consumer discretionaries appears to have broken a downtrend. It means the group could be heading higher from here after finding support around $118.
Subscribe to the MCM Stock Market Commentary to get it Daily and join the 2,936 subscribers getting it for FREE!
Netflix had an intense day rising by nearly 5%. The stock doesn’t trade as if it is about to report a disastrous quarter next week. But then again, it may merely be filling the gap at $284 that exists.
Apple continues to move higher, and it seems that a new all-time is just around the corner, maybe even $240.
Nvidia appears to be getting closer and closer to breaking out at $188. The pattern suggests it does break out.
Roku failed at its first attempt at $122 today. Now it is making a second attempt in the after-hours following an upgrade by RBC to outperform from sector perform. It will be a big test for the stock tomorrow, with a lot on the line.
Intel looks as if it is breaking out too and may finally be on its way back to $53.60.
Have a great night!
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 recommendations made during the past twelve months. Past performance is not indicative of future results.