Stocks rose yesterday, in what was one the strangest rallies I have seen in some time. The market had a sense of panic to it, just as much in the way stocks fall. It could be there was some short-covering to yesterday’s rally because it was only the technology names that rallied.
It seems that the QQQs will want to continue to climb, and I would think, at the very least, they will want to retest the highs from last week around $270. Perhaps, some of this is merely reshuffling from the options expirations as dealers needed to reposition themselves.
After a while, this game becomes incredibly confusing and frustrating, because mostly I try to form my opinion on what I see in both options and technical trends, for this daily trading stuff. My longer fundamental views are in a sperate basket. Last week all of the trends and options betting were pointing lower. Then days like yesterday come along, and it is incredibly frustrating.
NVIDIA
NVIDIA (NASDAQ:NVDA) was up yesterday, but the stock is in the same position it was in last week, and so, therefore, nothing changes in my book. I still think the stock is heading lower.
GE
General Electric (NYSE:GE) didn’t have a great day, but again there was bullish betting in this one with size. It would suggest that prices eventually go higher, but it may take until after earnings for them to happen.
Amazon
Amazon (NASDAQ:AMZN) was up nearly 8%. So that you realize that is over $100 billion in market cap. That is bigger than many companies in the S&P 500. That is a tremendous move. The stock stalled at resistance at 3,200. I don’t think this mania lasts, and we reverse lower. I still think to 2,800.
Acadia
I am very saddened that ACADIA Pharmaceuticals's (NASDAQ:ACAD) pimavanserin didn’t prove efficacy in depression. It was very disappointing. I am happy to hear that the FDA did accept the companies sNDA for pimavanserin in Dementia-related psychosis; the big positive is that the FDA is not planning an ADCOM. It was primarily expected there would be an ADCOM, so the fact that it will not be is positive. The stock is trading down after hours, to around $49. The stock has reliable support at $48.
