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A Strong Finish To A Tough Week Makes The Outlook For Stocks Stronger
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The market craziness continued today, and at the end of the day, we finished the week where we started. The good news is that S&P 500 didn’t go below 2,691 as feared. The bad news is that we ended where we began the week, closing in that zone of 2,740 to 2,750. But today’s rally was convincing enough to me, to make me believe that the pull-back of this past week is likely over, and the market is likely to move higher from here.
The stock market gave us an extremely strong close through the end of the day. Was my call for the market going lower this week right or wrong? The critics can be the judge of that, and I’m sure they will. I think overall directionally, I got it right, and we did come within 8 points of testing 2,691. I’m a harsh critic, and that makes me feel more wrong than right.
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Microsoft appears to have broken out today and rose over the right/wrong level of $93.50.
Netflix hasn’t broken out yet, nor has Amazon. Both closed right at the there respective resistance level. It will give us something to think about over the weekend.
Anyway, now that the market seems to be getting its groove back, I’m going to try to return to the standard format, with more of a focus on the broader market and exciting stories, then just focusing on leadership in the marketplace. I think I have been able to you demonstrate since January 29, that watching leadership in the marketplace is extremely important.
Whether you have agreed or disagreed with my outlook over the past three weeks, I hope you have at least learned how essential it is to watch the entire market complex and not just one part of it.
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This report contains independent commentary to be used for informational and educational purposes only. Michael Kramer is a member and investment adviser representative with Mott Capital Management. Mr. Kramer is not affiliated with this company and does not serve on the board of any related company that issued this stock. All opinions and analyses presented by Michael Kramer in this analysis or market report are solely Michael Kramer’s views. Readers should not treat any opinion, viewpoint, or prediction expressed by Michael Kramer as a specific solicitation or recommendation to buy or sell a particular security or follow a particular strategy. Michael Kramer’s analyses are based upon information and independent research that he considers reliable, but neither Michael Kramer nor Mott Capital Management guarantees its completeness or accuracy, and it should not be relied upon as such. Michael Kramer is not under any obligation to update or correct any information presented in his analyses. Mr. Kramer’s statements, guidance, and opinions are subject to change without notice. Past performance is not indicative of future results. Neither Michael Kramer nor Mott Capital Management guarantees any specific outcome or profit. You should be aware of the real risk of loss in following any strategy or investment commentary presented in this analysis. Strategies or investments discussed may fluctuate in price or value. Investments or strategies mentioned in this analysis may not be suitable for you. This material does not consider your particular investment objectives, financial situation, or needs and is not intended as a recommendation appropriate for you. You must make an independent decision regarding investments or strategies in this analysis. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Before acting on information in this analysis, you should consider whether it is suitable for your circumstances and strongly consider seeking advice from your own financial or investment adviser to determine the suitability of any investment.