Home ยป Stocks Are Getting Ready For A Big Breakout, Plus A Look At Apple

Stocks Are Getting Ready For A Big Breakout, Plus A Look At Apple

Stocks Are Getting Ready For A Big Breakout, Plus A Look At Apple

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Stocks Are Getting Ready For A Big Breakout, Plus A Look At Apple

Michael Kramer and the Clients of Mott Capital own shares of AAPL, NFLX

Another positiveย day on Wall Street with the S&P 500 climbing by nearly 1.3 percent closing at 2,663. I still happen to think the setup in the S&P 500 is positive, and rise to 2,800 is at work. I spoke aboutย it the other day, and Iย continue to think that is very much case. The more I look through companies earnings and trends; the more positives keep emerging, over the negatives.ย  ย 

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Technology

When looking at sectors the same positives trends keep showing up for the most part. In fact, it would appear the technology sector broke out today, and that is a very positive sign. In fact, a rise back towardsย $69 is maybe on the way.ย  The relative strength index broke out today as well.

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Getting Long Apple

A Rise Back To 2,800 On The S&P 500

Biotech

Biotech stocksย have been stubborn and have been able to hold support at $100 nice. I think it sets the group for a rise of about 10 percent back to $110.

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Consumer

We can see a similarย pattern forming in the consumer discretionary stocks as well.

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The same with the chip sector.

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Microsoft

Microsoft has a rising-triangleย formation in, and that suggest may about to rise.

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Netflix

Netflixย appears headed towards $340.

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Not All Equal

But that doesn’t mean all stock is about to rise because Facebook, Amazon, and Broadcom have struggled to move higher, and I think it may continue to stay that way. Well, see though. I just find it interesting that Amazon and Facebook reported monster results, and the market hasn’t rewarded them in a big way.

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Apple

I teased this idea on the blog the other night about Apple and a Netflix like valuation. No, I do think Apple will trade at a 60 earnings multiple, but I think in time as investor begin to realize services are becoming a more significant part of the revenue, the market will give the company a higher earnings multiple, as the stock moves away from being primarilyย an iPhone business.

More and more of our lives are moving to mobile devices, and I think Apple will now start to provide even more services on top of the hardware to make substantialย growth the future. Well see, but I like the idea enough, that I bought it today.

That is it for a Friday.

Mike

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Tags: #apple #netflix #amazon #technology #bitoech #microsoft #sp500

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