Nasdaq Daily Chart

Technology Sector Rebounds After Machine’s Run Wild

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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Technology stocks are going in reverse today and are recovering after yesterday’s Algo’s gone wild afternoon session.
XLK Price Chart

XLK Price data by YCharts

The Nasdaq has recouped all of yesterday’s losses today.

NASDAQ Intraday Chart

(Interactive Brokers)

With the Nasdaq bouncing off our February 2016 trend line.

Nasdaq Daily Chart

(Interactive Brokers TWS)

The S&P 500 is setting up nicely after yesterday move lower as well.

S&P 500

(Interactive Broker)

Resilient Market

The resilience of the overall market is overwhelming bullish with Technology and Biotech leading the way. The S&P 500 is ready and primed for its next leg higher on to our 2,550 target. This time with a Biotech group that is ready to participate.
IBB Chart

IBB data by YCharts

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Disclaimer

Michael Kramer is the Founder and Portfolio Manager of Mott Capital Management LLC, 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 recommendation made during the past twelve months. Past performance is not indicative of future performance.