Stocks Make Big Comeback With New Highs Soon To Follow
Stocks fell to start the day on January 6, but that didn't last for long as stock raced higher into the close.

Stocks Make Big Comeback With New Highs Soon To Follow

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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January 6, 2020




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S&P 500 (SPY)

The sell-off lasted for about the first hour of trading. Then it got back to the flatline and surged into the close, rising by about 35 basis points. That’s what I call a pretty good day.

The fear indicators quickly faded as the day wore on, with the VIX closing below 14. That’s a nice intraday retracement. Meanwhile, the S&P 500 filled the gap from the open and just continued to push higher.

It seems like the next stop for the S&P 500 may be back at the highs around 3,250.

S&P 500, spy

Meanwhile, the general trend of the RSI is still higher and has managed to come down to around 68. I’ll admit I’d like to see that level come down further. S&P 500, spx

Netflix (NFLX)

Meanwhile, Netflix had a good day, rising back to resistance $336. This is the stock’s second attempt to break out at this level, and it is a significant level. If it crosses $336, then it likely goes on to rise and fill the gap up at $362. The RSI is trending higher, and that indicates to me that this time it breaks out.

netflix, nflx

Tesla (TSLA)

Tesla continues to run higher ahead of a Model 3 event in China tomorrow. It appears there is talk of the Model Y launch coming too. The stock is testing its previous highs around $454, and an increase above that price sends the stock higher, and I think $475 could be its next stop it’s way to $510.

tesla, tsla

Amazon (AMZN)

Amazon had a good day and is on the cusp of breaking out at $1,900. If it can cross that price, it can probably rise to around $1,967.

Amazon, amzn

Salesforce (CRM)

Salesforce broke out today by rising above resistance at $167. It may result in the stock rising to around $182.

salesforce, crm

Blackberry (BB)

Its been a while since we last spoke about Blackberry. Now the stock is breaking a downtrend and rising above resistance at $6.67. Perhaps it even fills that gap up to $7.50. My only problem is that the RSI is already showing the stock is overbought.


Have a good night!


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