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!
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STOCKS: ACAD, MSFT, FB, AMZN, GE
MICHAEL KRAMER OWNS SPY CALLS
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN ACAD, MSFT
In 1 More Day
Michael will be hosting a live streaming event for members of Reading The Markets for Seeking Alpha and StockTwits on February 13 at 9 PM ET. It will focus on how he uses fundamentals, technicals, and options market analysis to find stocks on the move. As well as taking questions from members!
He will be reviewing mostly the basics of Technical Analysis and Option Trading
S&P 500 (SPY)
The S&P 500 rose by about 60 basis points on February 12, to finish the day around 3,380. I refined my resistance level to 3,376 up from 3,373. Not that it matters much, still I like to have some levels of accuracy. Regardless, 3,400 is now within reach, and less than 1% away. The bigger question is what happens from here? Not much has changed around my longer-term price target for 3,600 on the S&P 500.
But based on the current trends, it seems that the market could arrive at my year-end target a full 6-month earlier than planned, so in June. Additionally, there could be more upside to that, potentially as high as 3,750. This would an extremely aggressive call on my part, and I think if we reach 3,600 by June, the odds of a run to 3,750 increase.
I prefer the slow and steady rise to around 3,600 over the next few months, but whatever, I’m not going to fight.
Well, Acadia finally announced it’s earnings date will be on February 26. The quarter will only 2/3’s of the way over by then, ahh, so what. At least that means first quarter guidance should be pretty accurate, we hope. The stock continues to climb and is inching closer to resistance at $45.80. However, as I noted today in the midday update, the RSI has broken that downtrend, and I think that means the stock will continue higher beyond $45.80.
Facebook snapped back today, but still, it looks more like a gap fill, with resistance still hovering around $212. I’m still in the camp that this stock declines back to $203.
I noted some bullish option betting today in an article for Amazon, suggesting the stock rises towards 2,265. Free story – Amazon‘s Recent Rally May Only Be The Start
GE is rising and now very close to climbing above resistance $13.20. An increase above that sends that stock higher towards $14.70.
Microsoft seems to have found a level of support at $184 for the moment. Should that level fail to hold, the next region would come around $179.
Have a great night
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.