S&P 500 (SPY)
Stocks seem as if they only want to go in one direction, and that is higher. Much to my surprise, the market blew-off Friday’s sell-off and powered higher. The market has a feel as if it just wants to explode higher. You can feel it, you can see in the charts, or at least I can, words can’t describe it.
The S&P 500 rose above resistance today at 3,000, and it appears the next significant level to watch is for 3,014, and then 3,025.
Interestingly, 10-year treasury rates find themselves in a similar scenario of going higher. The yield is now hovering above at 1.8% and appears to be heading towards 1.9%.
So we will continue to wait and watch.
Acadia rose sharply today on solid volume. A surprising 8% move higher on a no-news day. I talked about ACAD today in the mid-day commentary and noted that we should be seeing the data for their negative symptoms of schizophrenia trial in a matter of days or weeks. The primary completion date was October 2019, and the Study Completion date is for November 2019 based on clincialtrials.org. The company does report results on October 30.
I noted in the midday that $44 is the only thing standing in the way of $48. Stocks Feel Like They Just Want To Go Higher
Netflix fell pretty sharply to start the day but bounced back nicely to finish it. It wasn’t the great performance, but consider how steep the sell-off and reversal on Friday was, and the fact that it bounced back at all is positive. The stock needs to hold this $270 region. If that can happen, perhaps start creeping back to $284.
AMD did rise above $31.40 but failed at $32.30. I still think the stock is heading lower, as I laid out in my premium article from Friday.
Nvidia is getting close to a break out at $199, and I think the stock can push higher towards $217, as I talked about in this free story today.
Apple keeps going higher. I’ll say this; I hate when stocks run-up like this into earnings. It means expectations are likely getting out of control, and disappointment is around the corner.
Have a good one
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