Stocks Are Jumping on April 28 As The Sun Continues To Rise

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.

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APRIL 28, 2020

Stocks – AMD, SBUX, GOOGL, PFE

Macro – SPY, QQQ, XLF, XLI, XLB

Funny Level – None

S&P 500 (SPY)

Stocks are rising again, with the S&P 500 ETF rising by about 1%. The index is now trading at its highest level since March 6 at $290.40. The next level of resistance on the index comes around $293.40.  

QQQ’s

Meanwhile, the NASDAQ Q’s are touching up against resistance this morning around $219.40. An increase above that price sets up a move to $227.50. 

qqq

XLI

But what seems to be interesting to me is that some of these ETF’s have struggled and have gained much since April 9. 

The XLI

xli

XLB

xl

XLF

xlf

 

So we can continue to see what happens throughout the rest of the week as some of these big companies continue to report results. 

Alphabet (GOOGL)

Alphabet will report results tonight after the close and has struggled recently to break above $1,295. This is the big level to watch with a push above sending shares to $1,360, while support comes around $1,150. 

googl

Starbucks (SBUX)

Starbucks will report tonight as well, with its next level of resistance at $83.50, and support at $72.30

starbucks

AMD

AMD will report results tonight as well, and it faces a stiff level of resistance around $59

amd

Pfizer (PFE)

Pfizer reported better eps and revenue, but this has to be one of the most bearish charts I have seen in some time. 

pfe, pfizer

Anyway, that’s all

-mike

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. 

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