IBB is breaking out to the upside, with an initial target around $124, the 127.2% extension of the major swing from this year's high in January to the lows in April, followed by the 161.8% at $131.
I'm jumping in via September $125 calls.
Shares of Visa (V) are yet again breaking out to new highs. Barring the market turning south, I don't see much to stand in their way, either.
It's been an almost picture perfect stair-step of resistance turning to support. The latest puts minor support at the $141-143 level, with additional support at $136, and with more significant support at the breakout level...
RISING RATES! RISING RATES! RATES MUST GO UP! RATES CAN'T GO LOWER! BUY THE BANKS! RISING RATES!
Okay, you get the point. That's the battle cry of pundits these days. However, rather than try to predict the future, I like to keep it simple and just analyze the charts. So, what I see, being the simple minded creature that I am, is a simple head and shoulders...
If we are indeed breaking out to new highs, here's some Fibonacci extension targets to watch.
Yesterday we hit the first target at 2869 and set a new all-time intraday high of 2873. The next area will be more formidable to conquer, as two extensions align pretty closely from two different swings. Therefore, I'm viewing it as a zone, which is 2955-2965. Beyond...
This is a long term chart showing how we are due for a long term correction on the Russell 2000.
Take away the top 20% of companies in this index - and the fund is already negative for the past few years.
Big shifts coming in the market over the next few years. Make sure you are ready to survive the flood of fiat and cross the blockchain bridge sooner than...
The market action this week favored bulls, with SPX taking out resistance at 2743, a level that had rebuffed rally attempts in previous weeks. Strong economic data kept bidders involved throughout the week and the index closed near the top of the week's range, which in turn bodes well for next week.
The next resistance to watch is at 2800-2802, a zone derived...
Shares of RAD have been brutal to own, but that may be turning around.
After breaking a year-plus downtrend, shares have now moved above their 200 day moving average.
With potential takeover catalysts, high short interest (15%), and improving technicals, there may be some room to run.
I'm long shares and calls, both of which may be added to if this move is sustained.
Shares of MAR have finally pulled back to their 200dsma, providing an excellent entry point in to this best-in-breed hospitality chain.
The aforementioned 200dsma is at $131, a level that coincides with a previous breakout level that has been tested - and held - on three different occasions. That zone is $128-131.
Fundamentally, the company continues to...
Shares of General Mills (GIS) have been terrible to own lately. But they're finally finding support at a major support level (breakout from 2012-2013) at about $41.
They recently acquired Blue Buffalo Pet Foods, which should help drive growth to the bottom line, as the humanization of pets continues to accelerate.
At current prices, it's also sporting a solid...
Shares of P look ready to pull back, having broke the upward trend line from the gap higher on the last report.
The open gap aligns closely with the 200 day moving average at just south of $6.
Shorting this thing via July $7.5 puts.
