Apple Helps Stocks Unexpectedly Surge Higher On March 11

What was that about, or better yet –where did that come from? The S&P 500 was up 1.5% on the day, rising back to 2,783. Not what I was expecting by a long shot. Wrong, wrong, wrong.

(Click on image to enlarge)

S&P 500, spx

It doesn’t mean that we are back to up-up and away, because the S&P 500 needs to rise over 2,800 again for those fears to abate. But the bias is too the upside for now. The market has primarily gone nowhere since the middle of February, which is why the past few have left me feeling more confused than usual. There are no clear trends over the short-term.

What hasn’t changed is my longer-term bullish outlook, I think I demonstrated that in the weekend piece.

Usually, it takes me a few days to get a couple of predictions wrong. So far just one day and it feels like I have nearly everything wrong. So should I retire? It’d nice, but I get bored after two days. So I shall try again.

Apple (AAPL)

Apple had a huge day rising by over $6 points and climbing over $179. I should have never reversed course, on this one, because $182 is back on the table. Stupid!

apple, aapl

Alphabet (GOOGL)

I mentioned yesterday Alphabet was nearing a potential break down. Not so, after today. The stock cleared two levels of resistance on March 11 rising above $1,170, and now it may be on its way to $1,225.

(Click on image to enlarge)

alphabet, googl

Netflix (NFLX)

Even Netflix is breaking out rising above its downtrend. Wrong Again!

(Click on image to enlarge)

netflix, nflx

Amazon (AMZN)

Amazon moved higher today and is once again heading towards the downtrend. Does it finally break through?

Not what I was expecting either.

(Click on image to enlarge)

amazon, amzn

Facebook (FB)

I found one I didn’t get wrong yet! Yes! Facebook, still has broken out failing at resistance around $173.

(Click on image to enlarge)

Facebook, fb

Micron (MU)

Micron is still trending towards $40.We can put that one in the, not wrong yet column too.

1 2
View single page >> |

Disclosure: Michael Kramer and the clients of Mott Capital Own Netflix, Apple, Alphabet

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

more
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.