Stocks Are Set To Surge Sharply Higher On October 13

Stocks are set to explode higher again, with the S&P 500 getting ready to move up to the all-time highs. The move higher isn’t surprising; what’s surprising is the speed at which the move occurs. The S&P 500 futures pattern suggests another 2% or so upside that should take us to around 3,600. Whether it all comes today or over the next couple of days doesn’t matter; it is likely coming.

The pattern is a pennant or flag, and that is a continuation pattern.

JPM reported better than expected results, with earnings of $2.92 vs. estimates of $2.24, and revenue of $29.1 billion vs. estimates of $28.2 billion. The stock has a considerable level of resistance at $104.80 that it needs to get through. I saw bearish options betting on JPM ahead of results so that today will be telling.

Intel (INTC)

Intel continues to move up, and we have been watching this for some time. Some sizeable options were betting in this one yesterday and combined with the chart, $56 is the next level I am looking for.

Tesla (TSLA)

Tesla is rising too after the company cut the pricing on its Model S. I’m sure there will be some people flirting with the idea of it meaning demand is weak, lol -they will never learn. Anyway, I’m still thinking it heads to $475. How can we have a NASDAQ melt-up and Tesla not involved?

Apple (AAPL)

Finally, today is the day we have all been waiting for, the Apple iPhone 5G launch. I know I will be getting one with the stock moving over resistance at $125, and maybe on its way higher to $132.