Home » Here’s Why The Stock Market May Jump on March 29

Here's Why The Stock Market May Jump on March 29

Here’s Why The Stock Market May Jump on March 29

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!

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Michael Kramer and the clients of Mott Capital own Tesla and Netflix

Michael Kramer owns SPY Calls

S&P 500 (SPY)

Stocks continue to churn but have this underlying bid that seems too hard to ignore. Again the sellers came in force by mid-morning pushing the S&P 500 lower to around 2,798. But still, the buyers stepped in defended the support level and managed to push higher. Now the S&P 500 appears to be gearing up for a big break out tomorrow, and perhaps finally pushing the index towards filling the gap at 2,850.

S&P 500, spy

Russell 2000

The Russell 2000 is also suggesting a break out is on the way as it approaches a technical resistance level at 1,535. A break out sends the stock even higher towards 1,562.

russell

Housing Index

The housing index is also nearing a big break out should it rise above 296. It may result in a move to around 315. Please don’t forget out important this index is as a gauge for the general direction of the broader market.

housing,

Netflix (NFLX)

Netflix has been trying to break out but has been stuck below $355.  If the stock can ever get over $355, it has room to move back to $378.

netflix, nflx

Tesla (TSLA)

Tesla continues to move higher off its recent lows. I continue to think the stock can move back towards $298.50. By the way, the Bloomberg Model 3 tracker is not suggesting that the company is making over 6,000 of them a week.  Don’t forget we get delivery numbers by  March 3.

tesla, tsla

That’s it. It turns out I have more than a cold, but a case of Bronchitis. No commentary tomorrow, back sometime this weekend.

-Mike

Photo from Flickr

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.