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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Stocks Continue To Rise With More Gains To Come
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN SHARES OF AAPL & CELG
Stocks continued their advance on Friday, with the S&P 500 ($SPY) rising by roughly 40 basis points on the day. The S&P 500 is now trading around 2,840 rebounding nicely from the sell-off of last week. As the hourly chart shows, the S&P 500 has now successfully tested and retested technical support around 2,794 to 2,800 on a few occasions, and that support has held every time. It furthers my confidence that equity prices will continue their advance over August.
Technology StocksTechnology stocks ($XLK) have also managed to find a bounce of late. Bouncing off an uptrend starting in early February. xlk by Scorpio244 on TradingView.com
AppleApple ($AAPL) has been a big reason for the markets rebound this week, and for now, Apple appears to have firmly broken out and should have a stable layer of technical support around $200. In my subscriber section today, I went through the reason’s I think Apple’s stock may rise by about 50 percent over the next year or so. Why Apple May Rise By 50% aapl by Scorpio244 on TradingView.com
AmazonTo this point, Amazon ($AMZN) has been unable to get back above resistance at $1840. The recent price action in the stock reminds me of what happened after the first quarter results. The stock may be stuck in the mud for a while longer. amzn by Scorpio244 on TradingView.com
BiotechThe smaller biotech ($XBI) stocks have struggled lately, with the XBI failing to break out at $101 despite multiple attempts. For now, an uptrend holds in place. xbi by Scorpio244 on TradingView.com The large-cap weighted ($IBB) has been a different story, trending higher. That is likely because biotech heavyweights such as Celgene and Regeneron have started rising once again.
CelgeneCelgene’s stocks ($CELG) look as though it can continue to rise to around $97. celg by Scorpio244 on TradingView.com
RegeneronWhile Regeneron ($REGN) just broke over a key resistance at around $393. regn by Scorpio244 on TradingView.com That is going to be it for today! -Mike
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