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Technology and Biotech Stocks Rule The Land – “Risk-On” Is Back
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN SHARES OF AAPL, GOOGL, AND NFLX
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Stocks took off again today with the S&P 500 jumping by about 1 percent, it took the index back to roughly 2,735, and it will set up a showdown next week at resistance around 2,745. But this time feels different, and there is a lot of momentum now going in favor of the stock market. Italy is behind us, the North Korea summit is back on, while market sentiment is now firmly back to “risk-on” and today’s action in trading proved just that.
The XLK technology ETF broke out today in a big way, and appears to be ready to rise to a new record, perhaps, to around $78.
Biotech
The Biotech sector is nearing a big break out and is within spitting distance of an all-time high.
The chips also look very strong, I realize “technical” they are technology stocks, but to me, they are beast unto themselves.
These are some of the most volatile and aggressive parts of the market, and the fact, that these sectors are nearing all-time highs is undoubtedly a good sign for the broader indices as well.
Oh and by the way, what are the most significant stock in the S&P 500? Apple, Amazon, Alphabet, Microsoft, and Facebook are the most significant stock by far. Even though Amazon is not officially a technology stock, let’s face it, it might as well be with the way it trades.
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Amazon
Amazon’s break out has been confirmed.
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Netflix
Netflix went on to a new level.
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Alphabet
Alphabet got close to breaking out.
That is going to be it for today. Moreover the weekend, where we will continue to focus on the rotation beneath the surface. The banks still look bad despite today’s rise.
-Mike
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Charts used with the permission of Bloomberg Finance L.P. 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.