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 1,756 subscribers getting it for FREE every day!
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.
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.