Stocks March Higher On July 10, With More Gains To Come

S&P 500 (SPX)

Stocks had a modestly good July 10 with the S&P 500 briefly rising above 3,000 but gave back much of those gains by days end. It would seem that for now, the S&P 500 found a new level of resistance at 3,000.

Nothing changed in my viewpoint. Powell gave the market it what it wanted, signaling a rate cut in July. I think equity prices are heading higher.

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S&P 500, spy

Inflation Data Tomorrow

July 11 will be a big day with the CPI reading out in the morning. It should give us a reasonably good indication if the tariffs are having any effect on inflation.

Housing (HGX)

The one index that I continue to watch rather closely is the HGX housing index. It has been flirting with a pretty big break out at resistance around 325. This one has been a pretty good indicator of future market action over the past year or so.

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housing index

Tesla (TSLA)

Tesla had a July 10 with TSLA rising to around $239. I sound like a broken record, I know, but I continue to believe the stock is likely heading to $250.

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tesla, tsla

Boeing (BA)

I wrote a reasonably bearish article on Boeing yesterday, thinking BA could fall to around $320. Nothing changed in my view today, but I also realized that one way or another Boeing’s day of reckoning is coming as it gets squeezed between an uptrend and resistance at $368. That declining RSI suggests that the stock is losing a lot of momentum.

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Boeing, BA

Acadia (ACAD)

I really would love to see Acadia finally make that considerable break higher. The stock continues the slow grind up. The RSI is favorable. We need the data for Schizophrenia to come out and hopefully, with positive results, and without a sideshow from the world of twitter, perhaps it finally happens.

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acadia, acad

SNAP (SNAP)

SNAP is still grinding its way higher to my $16 target.

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Disclosure: Michael Kramer and the clients of Mott Capital own TSLA and ACAD

Disclaimer: This article is my opinion and expresses my views. Those views can change at a moment's notice ...

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