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March 15, 2019
Michael Kramer and the clients of Mott Capital own shares of Apple
- S&P 500 Futures +11
- 10-Year Yield 2.62%
- VIX 13.05
- Oil $58.54
- Dollar Index 96.64
- Japan Nikkei +0.77%
- China Shanghai +1.04%
- South Korea KOSPI +0.95%
- Hong Kong HSI +0.56%
- German DAX +0.89%
- UK FTSE +0.62%
Global Growth Proxies
- Copper $2.91
- Silver $15.38
S&P 500 Futures
The good news is that the S&P 500 Futures are breaking out this morning rising above resistance at 2,818. It paves the way for the S&P 500 futures rise towards 2,900.
S&P 500 (SPY)
The S&P 500 is also pointing to a break out this morning. It too paves the way for the S&P 500 rise to 2,900.
Broadcom is rising this morning after reporting results last night. The company is nearing a potentially big break out as it approaches its all-time highs. A rise above $285 would trigger that break out. The chart shows a bullish flag formation, a continuation pattern, a positive signal for the stock.
Oracle reported results, and unlike Broadcom, shares are falling, following many downgrades. The stock is dropping below crucial support today and could be heading back towards $49.
As of now, Amazon may finally be breaking out. The stock is crossing that long-term downtrend today, at roughly $1,700. Should that break out hold, the only thing standing in the way of Amazon and it’s all-time highs is a level of resistance at roughly $1,770.
Apple is pointing to a higher opening, and a push to $195 is now on the table.
Ulta is breaking out this morning rising above some key resistance at $315. I had thought a triple top was forming and shares could pull back towards $250. That is not the case and it was the wrong assessment.
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.