Stocks Continues To Charge Foward With Nothing To Stand In Its Way
Stocks continue to charge higher on February 19 with little to holding back this bull market.

Stocks Continues To Charge Forward With Nothing To Stand In Its Way

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 Monster Stock Market Commentary and join the 2,529 subscribers getting it for FREE every day!

FEBRUARY 19, 2020

STOCKS – AMZN, AMD, SPCE, JD, XOM

MACRO – SPY, OIL

MICHAEL KRAMER OWNS SPY CALLS

Premium Stock Write-up from February 19, 2020

S&P 500 (SPY)

Stocks jumped by around 50 basis points with the S&P 500 closing at 3,386. We hit a little bit of resistance at 3,393 today. Anyway, we couldn’t punch through, which is fine. It isn’t a race, and the market rising at a measured pace is undoubtedly better than a freight train, although there are a few of those running around.

The next level I’m looking for here on the S&P 500 comes around 3,430. The RSI still looks healthy around 65. Additionally, the advance/decline line also looks healthy. So overall, the trend remains we have been saying, higher.

My longer-term target remains at 3,600. I will explain it all in a FREE webinar hosted by Interactive Brokers on February 27 at Noon ET. You can sign up here

S&P 500, spy

Oil

I noted on the audio morning commentary, that Oil broke resistance at $52, and that $54.30 is the next level to look for there. Again, the RSI is trending nicely higher there. premium content – Morning Commentary – Looking For Higher Price
oil

Amazon (AMZN)

Amazon had a nice day despite failing to get over resistance at $2,184. I don’t know why I didn’t see this earlier, but it looks like a nice cup and handle pattern may have formed there, that’s bullish. So perhaps it was just a one day stall.

amazon, amzn

AMD (AMD)

AMD hit $59, crazy. To think we first talked about this level weeks ago. Anyway, I don’t know how much higher it can go. I wrote about AMD yesterday. It is now the most expensive stock in the top 25 holds of the SMH. I have seen bearish betting in recent days, and the stock is at resistance. Lets stick with the view shares go back to $53.

AMD

JD.com (JD)

JD.com has a great looking chart, and it looks like it getting ready for a move up to $45.30. The RSI is pointing in the right direction too.

jd

Exxon Mobil (XOM)

I talked about Exxon today at midday. Oil prices are rising; maybe even Exxon can bounce, hey anything is possible. If it should jump $63.40 is the next level to watch. The good news is that support at been relatively firm. Stocks Continue To Drive Higher

exxon, xom

Virgin Galatic (SPCE)

Virgin Galatic, I don’t know what’s going on here, it’s insane. According to what I read in the SEC filing, there are only 31 million shares available to trade? And it traded 100 million shares yesterday another 80 million today! I don’t know that is insane.

space spce

Good Luck tomorrow

-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.