I multiplied the less risky Dow and Spy while dividing it with a multiple of bio, the Russel and Ark. This shows a clear shooting star candle in development this month which should signal much greater future gains in higher risk stocks and an end to this pullback in the market.
You can see that we had nice rallies the last two times that this has happened on...
Biotech stocks have been my focus as many are showing significant relative strength and posting new 52 week highs. I got long XBI yesterday on the break of $85.
Something to consider - stocks well below their all-time highs have a lot of supply to contend with, so the probability of a smooth trend out of a base tends to be lower and raises the probability of...
labu just completed a breakout from the abcd pattern and im anticipating a bull flag breakout to 13, then 19, in which I then see a retrace to form the handle to the base of the cup
looking for a retrace of the .618 fib level which should give way to the cup/handle breakout pattern of $xbi also notice price action at the top of the wedge
$XBI, which is a biotech ETF, is showing a potential bearish 2-1-2 continuation on the quarterly chart.
Because of this, I will be looking at biotech stocks for a short.
I believe that XLF has potential to touch $32.34 if it breaks $34 and may even retrace back to $30.20. Have patience and wait for it to break 20dma. Huge potential for profits from puts. It may happen in next week or two. Not a financial advice and as always please do your own DD.
Setup - simple base breakout after a solid 70% move off the lows followed by 5 weeks of consolidation. Earnings during consolidation were below expectation. However, after a slight selloff, shares were gobbled back up and volatility was squeezed out right below the breakout level. Half size because the broad market is running a bit hot and could be due for a...
The biotechs led the market from the lows in July. Last week, the sector had a sideways move as it rebuilds above the moving averages. Keep it on your radar in case it triggers above $95.18 for a move past $100 in the coming sessions. $90 is active support for the week.
Biotech was one of the first sectors in the market to show relative strength and catch some bids throughout the June bottoming process.
IBB rallied 20% off the lows and then proceeded to consolidate sideways for 3 weeks. This Wednesday, IBB broke out of that consolidation with a gap up on heavy volume and is now finding more follow-through.
Keep an eye on the...
