Despite red indices, the current is strong. The $TICK has already seen multiple buying extremes today, nowhere near close to any selling extremes. What does this mean? When given the opportunity of lower prices, buyers respond.
F.A.N.G is non responsive thus far, but as the NASDAQ tries to bottom here, they should as well.
What’s important about today is to notice what is green, and what is being bought. Crude oil broke out of a multi-week consolidation pattern today. True story, I bought this last night: alert was at $46.25, stop at $45.85.
CL bottomed at $45.73 last night. This would have been my third big catch in oil this year. Missing this knocked the wind out of me a little, which is why I am late to step to the blog.
I’ll do a post on $IBB later, as I think the action has a strong sentiment correlation here.
OA
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wow. biotechs taking it on the chin.
So what you are saying is, you missed a month’s worth of pay by about 12 cents. Something tells me you will make it back somewhere as dead on as you have been.
Agree on IBB – holding LABU but picked up a 315 call for .51, expiring Friday.
I’m taking a poke at $TSLA here
Sorry but never got what FANG means?
$FB, $AMZN, $NFLX, $GOOGL
(F.A.N.G.)
Ahh .. thanks!
Lots of crosswinds today. Biotechs getting bludgeoned. Dollar down below its 200DMA, which is putting a bid in RSX, EWZ, Gold, Silver, Gold miners, oil. On the other hand, USD/JPY is still stuck in a range and yesterdays breakout is looking like a fakeout…then again, it hasn’t broken down. Also, HYG is holding up ok.
Still sticking with the beaten down blue chips (QCOM, WMT, IBM, AFL).
Watching $28.65 for GPRO for a trade.
Got back in LABU at 15.30$
Out at 16.80
thanks OA for the past weeks guidance
You are welcome. Hope its been a good stretch in these difficult conditions.
FANG down…AAPL up. Odd, no?
setting up to be an afternoon sell. 4225 on the NQ by the end of the day.
I will take the other side of that….AAPL upper 112’s by EOD and 75% of FANG components close in the green
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