S&P 500 (SPY)
Stocks continued to rise with the S&P 500 up another 30 basis points today. It felt a lot like a consolidation day with a lot of sideways trading action once we got past the initial rise. We are now less than 50 points from 2,800, less than 2% below our target. While it has been an uphill battle, that came with a lot of criticism along the way, I am happy it has worked as well it has for all of us.
If we hit 2,800, great, if we don’t, then we don’t. I won’t be disappointed, and I don’t think many of you will be either. Just look at how far the market has come, and to miss a target by less than 2% is a rounding error in my opinion, should we even miss it for some reason.
Besides, I don’t know of many other people that were looking for this monster rally at any point over of the past few weeks or had the conviction it would last this long.
So we continue forward…
Netflix (NFLX)
Netflix (NASDAQ:NFLX) dropped today, the stock was fine until the announcement of Apple’s streaming service and how Netflix would not be a part of it. So they may not be a part of it –who cares! Netflix doesn’t need to be part of it. They have 140 million subscribers. If people want to watch Netflix, trust me they are going to find it. There is no reason Netflix should have to pay Apple (NASDAQ:AAPL) to be part of this new service.
I own both stocks, in this case, I’m siding with Netflix. It is no different from how Netflix pays ROKU, which is nothing. To me this is a non-event.
Should Apple remove the Netflix app from their phones, then that is a different story. I am sorry, but if I had to choose between a phone and Netflix, I’d select Netflix every day of the week.
But what it is becoming clear to me is that Netflix can’t get above $360 and that is starting to make me nervous.
Apple (AAPL)
Apple Inc (NASDAQ:AAPL), however, appears to be consolidating and getting ready to rise to $182.
Micron (MU)
Micron (NASDAQ:MU) is also nearing a big break out and it could be on its way to $45.
Banks (BKX)
The banks somehow made it past the danger zone at the downtrend. The chart is starting to look like one of the most bullish flag patterns I have seen in some time. That means a run in the BKX to 103 looks likely. Maybe this is the group that takes the market on its next leg higher.
