Michael Kramer and the clients of Mott Capital own Apple, Mastercard, and Netflix
Michael Kramer owns IWM Calls
Stocks continue to roll, for how much longer and how much further is the question on everyone’s mind. The S&P 500 set a new intraday record rising above 2,940.
S&P 500 (SPY)
The S&P 500 continues to rise in a friendly channel at this point. I’m not sure what’s going to keep it from rising further. I have shown you all the charts and all the data points. I know markets don’t rise in a straight line, but for now, I do not see any clues to suggests otherwise, at least not in the short-term.
Russell 2000 (IWM)
The Russell appears to have broken out rising above 1,594, and then 1,600. I think that sends the Russell up to around 1,640.
The financials continue to rise, and the XLF is breaking out and maybe running higher towards $28.75. I’m thinking that perhaps the financials are sending us a message about an improving economy.
Bank of America (BAC)
BofA may be on is its way to $31.85.
Apple reports results tomorrow at the end of the day, and the chart continues to look very strong, with the potential for a break out above $209. There may be a rising triangle pattern forming. It today’s video, I talk about how Apple is becoming a consumer products company, and it’s about more than just services, and how it may lead to multiple expansion. Apple Is All About Services And Wearables
Intel’s problems continue with the stock falling below support at $52.50. I had hoped there’d be a bounce today –wrong. Now the next level of support doesn’t come until $50.60.
Netflix continues to flirt with a breakout but seems to be stuck in this slow grind higher. $378 is still posing as a problem for the stock.
Mastercard continues to grind higher, and the company reports results tomorrow before the open. The stock appears to have a date with $253.
Facebook is testing resistance at $194; it could lead to a move towards $204.
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