Home ยป Stocks Bust Higher To Set Record High on January 13

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

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January 13, 2019 – 4:45 PM ET

Stocks- TSLA, NFLX, ACAD, BAC

Macro – SPY, IWM

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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.ย 

S&P 500 (SPY)ย 

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)

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 fromย September 26?ย It is not precisely the same, but the similarities are there.

Tesla (TSLA)ย 

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.ย The Market Is Re-Rating Tesla’s Stock

Tesla, tsla

Acadia (ACAD)ย 

Acadia got crushed today falling by roughly 7.5% because theย company’s slide showย 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 canย clear this up tomorrow.ย 

acadia, acad

Netflix (NFLX)

Netflix had a great day, too, after it was nominated forย 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.ย 

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.ย  Free story- Bank Of America May Surge Following Quarterly Results
bank of america, bac

Anyway, that’s all for today.ย 

-Mike

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