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 Is Moving Back To A Risk-On Mentality
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The risk-on asset classes had good days, with Biotechs (XBI) up 1.4 percent, Chips (SOXX) up 1.3 percent, and materials (XLB) up about 1.2 percent. Risk-on is what one wants to see start to happen more because it tells us that investors are looking to move into more aggressive parts of the market, and that bodes well for a rise higher.
S&P 500
The S&P pieced together a decent day, rising about 40 bps, recovering about 2/3 of yesterday’s decline. It seems the past three days have been a game of back and forth filling the gaps from the previous day. The good news is that today, there was no gap up or down, and that should hopefully mean tomorrow we continue higher.
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Sectors
The XBI continues higher and appears to be heading back to the previous highs.
The setup in Chips also continues to be very strong.
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What is ironic is just how much alike the two charts look. I guess the chips and biotechs are part of the same risk-on algo running.
Materials are also breaking out, and that, of course, is a positive as well.
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Russell
Not only that, but the Russell 2000 is breaking out as we talked about the other day.
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Stocks
Nektar broke out today, after bouncing off our support level around $70.
Intercept looks close to breakout too.
Micron broke out and appears to be heading back to $61 now.
Lam Research also appears to be breaking out and could be heading back to around $224.
Texas Instruments back to $120.
The suspense in Amazon is just killing me! BREAKOUT ALREADY!
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Dollar
It looks like the dollar finally broke out, and it seems clear which way it is going.
Night!
Mike
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Tags: #sp500 #biotech #materials #chips #nektar #amazon #micron #lam #texas