MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN SHARES OF GOOGL
Where Did All The Bears Go? NASDAQ Hits All-Time High
We do not follow the NASDAQ much here, but today the NASDAQ closed at an all-time high. Where are all the bears now? Where are all the people calling for the end of the bull market, and the days of doom and gloom? Or the Investors that thought earnings would not matter? Nobody knows the future, but we can surely use the information at hand to gauge the likely direction for the markets. So yeah, tracking trends, earnings, and macro forces really do matter. Don’t let anyone tell you otherwise.
Stocks continue higher today after the S&P 500 broke above resistance at 2,741, I think this now gives the index a clear path to go on towards 2,800 over the next couple of weeks. It has become clear, in case I haven’t made it obvious, risk-on is back in the equity market, and Technology continues to be the leader.
Technology stocks continue to rocket higher, and with the ETF now trading at all-time highs there are no immediate resistance levels in place. Nvidia is the latest technology stock to breakout, with shares rising above resistance, at $260.50. Alphabet also broke out rising above a multi-month downtrend, rising above $1,140.
Biotech has also been among the best sectors, but today it was down 22 bps. It isn’t bad considering one of the leaders in the group Nektar got decimated falling by an astounding 42 percent, yeah, that was just today. The data that the company presented at ASCO, a cancer conference, was less than inspiring and created more questions than answers. In this case, the chart doesn’t help and doesn’t even pay to look at. I suspect it isn’t done falling, either. That is my guess.
Gilead had a good day, as we noted in the Sunday write-up, the case for $72 is in the works.
Biogen continues to struggle at $300.
Oil prices fell again today, below $65, and I now think there is a good shot for Oil to head lower towards $61.
Thanks to all the loyal readers, and I hope if anything I have helped you through the recent market volatility. I know in the stock market one can never declare victory, but occasionally, it is nice to acknowledge when you have had a good run. I think we have put together a solid run of late.
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