I’ll discuss some overall market metrics on my next write up, but for now I’ll post this chart that you’ll want to keep eyes on.
At the open, prices attempted to break their range, as we had anticipated coming into today. After said movement, its not uncommon to trace backwards a bit to retest this move.
I have quite a bit of biotech exposure now, so using this as a feel-good indicator, I’ll tell you my thoughts…
At the moment, $IBB is not following the market on this path of lower lows. I like divergence.
Second, I am comfortable with a move back to the middle, but won’t tolerate much more than that.
According to this chart, we’re still buyer controlled.
OA
PS- I added to $PYPL and picked up $UWTI this am. Looking at $LNKD for a quickie and will be booking $WING profits here.
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You know where I stand, but I will reiterate it for the sake of fresh eyes, “No sir, I don’t like’em (biotechs).”
Is it a matter of auction that you don’t like, or overall action?
Seems like it’s set up to be the next industry to be corrected under the surface, and I like the volume structure below. The problem is unless it goes into liquidation, there is more upside risk from these levels. That’s why I can only go 1/3 into $BIS.
I agree, but I think the quality names, or weighted components are the most attractive part of this.
picked up a little FL.
Dat XON though
Shit, I was starting to wonder where everyone went…
Intresting, sold my WING on Friday but also my UWTI.
I’m still on the sidelines watching. A lot of my trades on Mondays have turned out bad, so trying to be picky if I do enter a trade today.
Hmm, isn’t there a Democratic debate tomorrow night in Vegas? Think Hillary brings up IBB? Still holding LABU and IBB call expired worthless last week (my own fault, should have sold when up 400% on Tuesday!). May create a possible add point Wednesday if it holds in teh range until then.
I like the little bull flag in DRYS.
Hey OA – any thoughts on the negative divergences going on today? HYG/EEM/Yen?
If the expected outcome this week is to be flat, these divergences are indicating as much.
The new website suxxx.
Older brains have a more difficult time with change. Give it some time.
hmmm…guess I was early on my uwti…goodness
Jeff is PYPL a core holding for you and if not do you have a target in mind? Thanks in advance!
No, wish it was.
OA,
What are you seeing as the middle price point for IBB?
Use the chart above.
OA,
What are you seeing as the middle price point for IBB? Yes I am using it and get about 304. What do you see?
Pretty much the same.
Okay. Still learning and trying to make sure I’m seeing what you’re seeing.
When I draw the lines out, simply find the apex.