Stocks Will Continue to Push The Envelope on October 22

Stock Mentions: BIIBWealth Strength IndexAAPL is Extremely Up and trending Up, NVDAWealth Strength IndexAAPL is Extremely Up and trending Up, SNAP, TSLAWealth Strength IndexAAPL is Extremely Up and trending Up, AMZNWealth Strength IndexAAPL is Extremely Up and trending Up

Macro Mentions: SPY, XBI

MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN TSLAWealth Strength IndexAAPL is Extremely Up and trending Up

US Markets

  • S&P 500 -1 point
  • US 10-Year 1.78%
  • Dollar Index 97.37
  • Oil $53.65
  • VIX 14.12

International Markets

  • Shanghai +0.50%
  • HSI +0.23%
  • KOSPI +1.16%
  • Nikkei +0.25%
  • DAX +0.21%
  • UK +0.25%

MACRO

S&P 500 (SPY)

S&P 500 futures are pointing to a slightly lower opening. But honestly, nothing has changed on the chart except the level at 3003 now will act as support. The index rose above that level yesterday, and it should offer a floor as the index prepares to push higher towards 3,027.

biib, bioen

STOCKS

Biogen (BIIBWealth Strength IndexAAPL is Extremely Up and trending Up)

Biogen is soaring by about 45% this morning after saying it will move forward with filing for the approval on its Alzheimer drug aducanumab. The stock is blowing through all sorts of resistance levels this morning with, and a large gap fill that can take the stock back to $330. It is a big move for Biogen, which has been a dead stock for some time, and it is a big win for the biotech sector.

Amazon, amzn

XBI biotech ETF is jumping this morning up by more than 1%. The ETF is challenging the downtrend and has the potential to rise to around $83.25.

xbi, bitoech etf

NVDAWealth Strength IndexAAPL is Extremely Up and trending Up (NVDAWealth Strength IndexAAPL is Extremely Up and trending Up)

Nvidia is getting closer to that big break out I noted in yesterday’s write-up, setting up the potential push towards $217.

nvidia, nvda

SNAP (SNAP)

SNAP is rising again today, and I, as noted yesterday in a premium story, the stock could rise to resistance at $15.50.

SNAP

Tesla (TSLAWealth Strength IndexAAPL is Extremely Up and trending Up)

Tesla will report results tomorrow after the close of trading, and the stock has been moving higher since it reported delivery results. The company will need to post solid earnings and gross margins to see the stock move higher. If it can, the stock will make that move to $300 we have been talking about a couple of weeks.

tesla, tsla

Amazon (AMZNWealth Strength IndexAAPL is Extremely Up and trending Up)

Amazon has been dead money since July, and the stock needs to get over $1850 before we can even talk about the stock rising any higher.

amazon, amzn

Have a good one!

-Mike

This article appeared first on Mott Capital Management.

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