Home » The Bulls Break Loose as Stocks Resume Their Path Higher

The Bulls Break Loose as Stocks Resume Their Path Higher

The Bulls Break Loose as Stocks Resume Their Path Higher

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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Michael Kramer owns SPY Calls

Michael Kramer and the clients of Mott Capital own Apple

S&P500  (SPY)

We did get the S&P 500 break out today that I noted last night. I do believe this break out not only sticks but continues higher on towards 2,900.  The S&P 500 closed at 2,822 a strong close and well above the break out level around 2,812 I had tracked now for weeks.

S&P 500, spx

Now 2812 will become support going forward and should serve as a solid support level in the future given how many times the index has failed at this point in the past. Additionally, the relative strength index has managed to pull back from being overbought, and that should allow for the index to continue to climb.

S&P 500 daily

Amazon (AMZN)

Amazon did break out today from that long-term downtrend. The RSI is also showing signs of breaking out of its long-term downtrend too. It doesn’t mean that Amazon is off to the races because it does have a hurdle to climb at $1,770. However, should the stock get over $1,770 then I believe it is back on its way towards $2,000.  I do think this break out is for real this time.

amazon, amzn

Broadcom (AVGO)

Broadcom had an awesome day rising to a new record high. $285 should serve as strong support for the stock going forward.

broadcom, avgo

Qualcomm (QCOM)

Qualcomm had a strong day after a jury found that Apple violated 3 of Qualcomm’s patents.  The stock continues to go, and its no wonder why the options continue to see so much bullish activity.

Resistance for the stock comes at $58; a breakout takes the shares to around $62.

qualcomm, qcom

That is going to be it. More this weekend.

-Mike

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S&P 500 , spy

 

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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.