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Michael Kramer and the clients of Mott Capital own Apple
S&P 500 (SPY)
The stock market posted a solid day with the S&P 500 rising about 20 basis point. We continue to inch closer to the all-important level of resistance at 2,630. We did make it to about 2,625 and then saw a minor pullback. I talked about it a bit more in a video today on the Marketplace service. Can Banks Lead Stocks Higher
Russell 2000 (RUT)
For now, the Russell is stalling out around 1,454.
Housing (HGX)
The NAHB/Wells Fargo US Housing Market Index ticked up to 58 in January from 56 in December. It is beginning to look as if the PHLX housing index (HGX) is creating a bullish flag, which could take the index above 269. The RSI suggests that momentum is on the side of the index rising. It would be positive for the overall stock market.
Consumer (XLY)
There are signs that there is a similar pattern forming in the discretionary ETF XLY.
NASDAQ (QQQ)
We can see that NASDAQ is also getting close to something happening.
At the risk of sounding wishy-washy, one could argue that stocks are about to go on a significant run higher or about to drop.
One has to wonder where the leadership will come from? For the most part, technology has been pretty dead, except for yesterday’s Netflix induced rally. The banks have had a massive rally already, and one has to wonder how much they have left?
Banks
The Bank Index (BKX) broke above resistance today at 94, and that sets up a test at the 97 level.
Bank of America (BAC)
Bank of America had a big move higher today over $28, and that puts $29.50 into play. But that RSI is getting high and that would at least a suggest a pullback is on the table at some point in the not to distance future, perhaps to falling to around $26.75.
JP Morgan (JPM)
JP Morgan managed to get close to breaking out but failed. The RSI is in a horrible downtrend, and at the moment, I don’t see this stock rising.
Goldman (GS)
Goldman got pretty close to $200, and should it rise above that price it has room to go to $215. But again, this has gone awful far in a really short period.
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[youtube-feed feed=7]Apple (AAPL)
Apple is trying to break out, could it be a leader? So far it can’t manage to close over $155, which has been stiff resistance. This is a free article I wrote on Apple today. Apple’s Stock Is Witnessing Bullish Momentum
So we will need to wait and see which way the market break. Perhaps, I do not want to see the obvious because I do not wish to believe that stocks will fall. But, if I remove the bias, I have to admit, the charts overall do not look bullish at this exact moment.
Moving on…
AMD
AMD fell sharply today. I couldn’t find any news for the drop, other than broader weakness in the group. The stock is currently sitting on support, teetering on a potential decline. I can see this one falling to around $18.50. Should that happen, it will result in a failed break out, not good.
General Motors (GM)
It just doesn’t seem meant to be for GM; the stock STILL can’t get over $38!
Roku
What about Roku? Nope, still stuck below $43.
Micron (MU)
So far it would seem my thoughts that Micron could rise to $40 have been wrong.
Nvidia (NVDA)
Nvidia can’t get itself above $151, and that likely means it is heading back to $139.
Let’s see what tomorrow shall bring.
-Mike
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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.
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