To no one’s surprise stocks continued to trade higher today and why not? There is no recession on the horizon; earnings have been reasonably healthy, the Fed is now on hold, rates have come down, everything is flowing in the direction for equities to rise. It is just that easy.
S&P 500 SPY)
The S&P 500 stalled out around 2,737 today for a bit, but I don’t expect that level to be much of a problem. The big test still doesn’t come until 2,800. At this point, my call for the middle of February could be conservative.
Netflix (NFLX)
The charge higher is being led by stocks like Netflix (NASDAQ:NFLX) which is now the cusp of a significant breakout. The stock is testing critical levels of resistance at $360, and should it rise above that price it has room to go to $380, and perhaps much higher.
Apple (AAPL)
Apple Inc (NASDAQ:AAPL) is also leading the charge higher, with shares rising again. The path to $182 is now clear.
Tesla (TSLA)
Tesla Inc (NASDAQ:TSLA) continues to rise to fill its gap at $333.
Alibaba (BABA)
Alibaba (NYSE:BABA) has broken out and is rising above $166. Now it would seem to be on its way to $180.
Qualcomm (QCOM)
Qualcomm Incorporated (NASDAQ:QCOM) continues to hold on to $49 magically, and now it is bouncing higher.
Square (SQ)
Square Inc (NYSE:SQ) failed today at $75, that means that $66 may very well be on the way.
Blackberry (BB)
BlackBerry Ltd (NYSE:BB) continues on its way to $8.75. More interesting is what happens next because it could be setting up a big break out.
Acadia (ACAD)
ACADIA Pharmaceuticals Inc (NASDAQ:ACAD) keeps grinding its way higher to $24, and that means $27 may be around the corner.
Disclaimer: Michael Kramer and Clients of Mott Capital own Acadia, Apple, Netflix, Tesla.