Turnaround Tuesday Fizzles, But Bulls Are Still In Control

MACRO

S&P 500 (SPY)

Stocks jumped at the opening, as we expected, but instead of rallying higher throughout the day, the indexes sold-off managing to piece together just minor gains. It wasn’t the break out I was expecting, but it keeps the market moving in the right direction. That may matter more.

S&P 500, spy

STOCKS

Microsoft (MSFTWealth Strength IndexAAPL is Extremely Up and trending Up)

Microsoft appears that it is taking its next leg higher and heading towards our target at $153.

msft, microsoft

Shopify (SHOP)

Shopify is nearing a significant downtrend, and I have often thought the stock would head lower, but to this point, that hasn’t happened. If the stock can manage to get over this downtrend, then it has room to rise to around $330. If not back to $285.

shopify

Roku (ROKU)

Roku filled the gap at $135 as we expected, now the question is which way does it go next? Perhaps there is more room for the stock to rise to around $140, but I think longer-term it continues its downtrend lower towards $100.

Roku, roku

Acadia (ACAD)

Acadia continued to push higher today, and the stock is acting as if there is news coming soon. When it will come I’m not sure. It could be any day now, with the completion date on clinicaltrail.org in November for its Advance Study. I haven’t seen any real option activity to this point.

An increase above $48.15 sends the stock back to its all-time around $52, we can dream, can’t we?

acad, acadia

Cisco (CSCOWealth Strength IndexAAPL is Extremely Up and trending Up)

Cisco will report results tomorrow, and there seems to be a bull pennant that has formed in the chart. Perhaps it finally pops over $49.30.

cisco, csco

Have a good night!

-Mike

Source: Mott Capital Management