MACRO
S&P 500
Stocks jumped at the opening yesterday, as we expected, but instead of rallying higher throughout the day, the indexes sold-off managing to piece together just minor gains.
It wasn’t the break out I was expecting, but it keeps the market moving in the right direction. That may matter more.
STOCKS
Microsoft (MSFT)
Microsoft (NASDAQ:MSFT) appears that it is taking its next leg higher and heading towards our target at $153.
Shopify (SHOP)
Shopify (NYSE:SHOP) is nearing a significant downtrend, and I have often thought the stock would head lower, but to this point, that hasn’t happened. If the stock can manage to get over this downtrend, then it has room to rise to around $330. If not back to $285.
Roku (ROKU)
Roku Inc (NASDAQ:ROKU) filled the gap at $135 as we expected, now the question is which way does it go next? Perhaps there is more room for the stock to rise to around $140, but I think longer-term it continues its downtrend lower towards $100.
Acadia (ACAD)
Acadia (NYSE:AKR) continued to push higher yesterday, and the stock is acting as if there is news coming soon. When it will come I’m not sure. It could be any day now, with the completion date on clinicaltrail.org in November for its Advance Study. I haven’t seen any real option activity to this point.
An increase above $48.15 sends the stock back to its all-time around $52, we can dream, can’t we?
Cisco (CSCO)
Cisco (NASDAQ:CSCO) will report results today and there seems to be a bull pennant that has formed in the chart. Perhaps it finally pops over $49.30.
