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July 1 – Stock Mentions: SPY, IWM, MU, ROKU, AMZN, NFLX, BABA
Michael Kramer and the clients of Mott Capital own NFLX
Michael Kramer owns IWM CALLS
Stocks had a nice on July 1 after they went through the usual routine of gapping higher, drifting lower, and then rising into the close. It seems to be a pattern that continually repeats itself.
S&P 500 (SPY)
The good news is that the S&P 500 held support at 2,950 on its first attempt. I expect that level will continue to hold in the future. I do believe that the S&P 500 is set up for a rise to around 3,300 by some time this fall. I get into more in a premium video but will have details later this week. (See premium content: The Race To S&P 500 3,300 Is On!)
We can see the same thing happened in the Russell 2000 chart as well. It is always very good to know the forces we are up against.
Micron had a good July, but like the broader market, it too pulled back. MU has risen a lot recently. MU managed to close below resistance at $40.25 after breaking above it earlier in the day. That could be a bearish sign which suggests the stock declines.
Roku managed to open the day right at resistance, but we stopped in its track. Further evidence that ROKU is likely to head lower.
Alibaba managed to hang on to its gains and is trending higher towards $182.
Amazon seems it is getting ready to take its next leg higher, but it is likely a few days until that happens.
Netflix is inching closer to a break out at $379. It seems to be coming.
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