The Stock Market Continues To Rally As Headwinds Melt Away

To no one’s surprise stocks continued to trade higher today and why not? There is no recession on the horizon; earnings have been reasonably healthy, the Fed is now on hold, rates have come down, everything is flowing in the direction for equities to rise. It is just that easy.

S&P 500 (SPY)

The S&P 500 stalled out around 2,737 today for a bit, but I don’t expect that level to be much of a problem. The big test still doesn’t come until 2,800. At this point, my call for the middle of February could be conservative. 

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SP500, spx

Netflix (NFLX)

The charge higher is being led by stocks like Netflix which is now the cusp of a significant breakout. The stock is testing critical levels of resistance at $360, and should it rise above that price it has room to go to $380, and perhaps much higher. I talked about how high it could in my premium article and the option activity that supports this viewpoint.

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netflix, nflx

Apple (AAPL)

Apple is also leading the charge higher, with shares rising again. The path to $182 is now clear.

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apple, aapl

Tesla (TSLA)

Tesla continues to rise to fill its gap at $333.

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tesla, tsla

Alibaba (BABA)

Alibaba has broken out and is rising above $166. Now it would seem to be on its way to $180.

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alibaba, bab

Qualcomm (QCOM)

Qualcomm continues to hold on to $49 magically, and now it is bouncing higher.

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qualcomm, qcom

Square (SQ)

Square failed today at $75, that means that $66 may very well be on the way.

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square, sq

Blackberry (BB)

Blackberry continues on its way to $8.75. More interesting is what happens next because it could be setting up a big break out.

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blackberry, bb

Acadia (ACAD)

Acadia keeps grinding its way higher to $24, and that means $27 may be around the corner.

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Disclosure: Michael Kramer and Clients of Mott Capital own Acadia, Apple, Netflix, Tesla

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

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