What was that about, or better yet –where did that come from? The S&P 500 was up 1.5% on the day, rising back to 2,783. Not what I was expecting by a long shot. Wrong, wrong, wrong.
It doesn’t mean that we are back to up-up and away, because the S&P 500 needs to rise over 2,800 again for those fears to abate. But the bias is too the upside for now. The market has primarily gone nowhere since the middle of February, which is why the past few weeks have left me feeling more confused than usual. There are no clear trends over the short-term.
What hasn’t changed is my longer-term bullish outlook, I think I demonstrated that in the weekend piece.
Usually, it takes me a few days to get a couple of predictions wrong. So far it has been just one day and it feels like I have nearly everything wrong. So should I retire? It’d be nice, but I’d get bored after two days. So I shall try again.
Apple had a huge day rising by over $6 points and climbing over $179. I should have never reversed course, on this one, because $182 is back on the table. Stupid!
I mentioned yesterday Alphabet was nearing a potential break down. Not so, after today. The stock cleared two levels of resistance on March 11 rising above $1,170, and now it may be on its way to $1,225.
Even Netflix is breaking out rising above its downtrend. Wrong Again!
Amazon moved higher today and is once again heading towards the downtrend. Does it finally break through?
Not what I was expecting either.
I found one I didn’t get wrong yet! Yes! Facebook, still has broken out failing at resistance around $173.
Micron is still trending towards $40. We can put that one in the, not wrong yet column too.
Boeing did end up holdings support today around $371. Not a surprise. What also helped was news in the late afternoon that the FAA issued an airworthiness notification for the 737 MAX. I’m not sure that it means we are out of the woods on this one. I’m sure there will be some continued news in the days to follow. For that reason, a drop back to $371 is still a possibility.
I’m still no fan of Nvidia. I noted today that I continue to believe that the acquisition likely suggests they still see weakness in their gaming GPU units. For all its ups and down the stock has gone nowhere since December.
Qualcomm also continues to rise. I also noted today in my premium article, there was yet again more bullish options betting in the stock. The stock continues to trend nicely higher.
This article first appeared on Mott Capital.
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