Home » The Stock Market Surges and There May Be More To Come

The Stock Market Surges and There May Be More To Come

The Stock Market Surges and There May Be More To Come

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.

Otherwise, enjoy the column!

Subscribe to the Monster Stock Market Commentary and join the 1,606 subscribers getting it for FREE every day!

Follow Us on StockTwits

Michael Kramer and the clients of Mott Capital own Tesla, Apple, Netflix

Michael Kramer owns SPY Calls

S&P 500 (SPY)

Stocks put together a decent day with the S&P 500 rising about 75 basis point, but well off the highs. I think the S&P 500 is still heading higher towards that zone of resistance at roughly 2,850.

The trading action was decisive as critical levels of support were tested on many occasions. But the crucial point here is that the S&P 500 was able to re-take and close above 2,812. The region around 2,812 had acted as a dangerous level of resistance in the past.

S&P 500, spx

Russell 2000 (IWM)

The setup in the Russell also looks very positive with what appears to be a reverse heading and shoulders on the intraday chart, a bullish pattern. We can see that Russell rose above the neck at 1,521, and then retested that break out mid-day. I think that puts the Russell on track to reach around 1,550 to 1,560.

It is also extremely positive that 1,521 was tested mid-day and held firm.

Apple (AAPL)

Apple is likely now heading back to $182. That is fine and is welcome news. The stock needs to cool-off and consolidate so that it can continue to rise in the future.

apple, aapl

Qualcomm (QCOM)

Qualcomm jumped on the news it won at least one patent litigation with Apple. The stock is attempting to rise above $58, but the key here is for the stock to continue higher, that has been the big problem for the stock in recent months.  If it can stay above this $58 region, then the next significant level to watch for is $62.25.

Qualcomm, qcom

Tesla (TSLA)

Tesla is bumping against resistance at a downtrend. A break out could result in the stock moving back to $298.

tesla, tsla

Netflix (NFLX)

Netflix gave away nearly all of its gains from yesterday. $355 is still technical support, and I think we can see the stock move toward $378.

Netflix, nflx

 

AMD (AMD)

AMD is still holding support at $25.70, and the RSI is still showing a higher trend. I do believe that this stock continues to head higher.

amd

I’m sorry not feeling great today, and I’m struggling to come up with more stuff.

-Mike

Photo From Flickr

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 performance.

One comment

Comments are closed.