Stocks continued their winning ways on January 13 with the S&P 500 setting a new all-time high. Even the Russell went up.

Stocks Bust Higher To Set Record High on January 13

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.

Otherwise, enjoy the column!

Subscribe to The Market Chronicle to get the Daily Monster Market Commentary and join the 2,892 subscribers getting it for FREE!

January 13, 2019 – 4:45 PM ET


Macro – SPY, IWM

Premium Reading The Markets Content From January 13

I Will Be Hosting A Live Webcast on Thursday, January 16, at 9:30 PM EST, For Members of Reading The Markets. You Can Join Us By Sign-Up For Your Free 2-Week Trial either on StockTwits or Seeking Alpha.

Michael Kramer and the clients of Mott Capital own ACAD, NFLX, and TSLA

Stocks continued their winnings ways, with the S&P 500 rising by roughly 70 basis points to close around 3,287. It was another good showing for sure, and even the Russell 2000 managed to participate, rising by about 75 basis points to 1,669. 

S&P 500 (SPY) 

The move higher continues to be on a pace to rise to around 3,400. My preferably time would by around the end of March or the beginning of April. However, if we continue at this current pace, we may only have room to rise to around 3,350.

S&P 500, spy

The Russell (IWM)

Subscribe to the The Market Chronicle to get it Daily and join the 2,892 subscribers getting it for FREE!

The Russell has that megaphone pattern that has formed recently, and I think that means we are approaching a move higher in the Index. For some reason, the chart reminds me an awful lot of the S&P 500 at the end of September.

rut, russell

Do you remember this chart from September 26? It is not precisely the same, but the similarities are there.

Tesla (TSLA) 

Anyway, Tesla blew right through my target of $508, and it looks like the next significant level of resistance should come around $527. I explain today in a video what I think is happening, and why it is suddenly running like this. The bear case is dead, and believe it or not based on earnings growth estimates, the stock could even be cheap. The Market Is Re-Rating Tesla’s Stock

Tesla, tsla

Acadia (ACAD) 

Acadia got crushed today falling by roughly 7.5% because the company’s slide show for their presentation tomorrow said that the sNDA for Dementia-Related Psychosis would be filed in the summer of 2020, versus what the company said at CTAD for the first half of 2020. If the company files the sNDA on June 29, technically that is the summer of 2020, and also the first half. I mean even if it were August does it really matter that much? Probably not. Hopefully, they can clear this up tomorrow

acadia, acad

Netflix (NFLX)

Netflix had a great day, too, after it was nominated for 24 Oscar awards. It was most out of any studio, with 2 for the best picture. The stock does not like the $336- $340 region; it just can’t get through it. It does make sense, though, given the next resistance comes at $360. 

netflix, nflx

Bank of America (BAC)

Over the weekend, I thought Bank of America might be heading lower after results. Then I saw bullish options betting that made me change my mind. I think it could be heading above $37 in the weeks to come.  Free story- Bank Of America May Surge Following Quarterly Results
bank of america, bac

Anyway, that’s all for today. 


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.      

Thanks For Visiting The Market Chronicle!

Sign up to receive more great market content like what you just read sent to your inbox daily!

We don’t spam! Read our privacy policy for more info.