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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The Stock Market Continues To Struggle, Despite Rising Prices
The stock market is in rally mode once again, with the S&p 500 up about 1.4 percent. But today’s story is not all that different than yesterday’s unfortunately. The S&P 500 also failed at resistance again, this time around 2,660. The trend line has been in place since late January when the S&P 500 peaked. A break above 2,660 is bullish with the next level to watch for being at 2,690. This afternoon will be important should the breakout occur.
Micron continues to fail at resistance at $49.75. The sellers won’t it lift to this point.
Amazon continues to stay firmly beneath $1440.
Facebook continues to stay below $161.50
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But there is a glimmer of hope because the XLK remains above $64.75, and the longer-term uptrend, and maybe what ultimately matters.
Until This Evening.
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.
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