S&P 500 Record Close; Biotech’s Continue To Leave Other’s In The Dust

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S&P 500 Record Close

Another day, another S&P 500 record close, we are sitting right near 2460, about 3.5 percent until our 2,550 target, first published on December 22nd, 2016. The S&P 500 is now up nearly 10 percent for the year, while the NASDAQ Composite is up slightly over 17 percent, and the NASDAQ 100 is up a blistering 20 percent. Technology has come back incredibly strong over the past week after a messy previous week. But Biotech’s are embarrassing the entire market, up nearly 33.5 percent so far in 2017. Wow!
^SPX Chart

^SPX data by YCharts

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Banks

The Banks did perform that well today, given the earnings results.

Bank Results

The stocks didn’t perform well either.

Bank's Daily Price Chart

JPM Price data by YCharts

But next week is when the big results start coming in. If the market is going to keep moving higher it is going to need a strong earnings seasons to pull through.

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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.