Some Set Ups For the Summer Doldrums

DOG

Maybe the market isn’t so “doldrummy” after all, as we are seeing a nice summer rally to new highs. No complaints here. It’s been a great tape with biotech on fire and  the financials making highs. The housing stocks have rebounded too. $GOOG had some ad sales issues which put a wet blanket on the Nazzy, but bull markets have very short memories when it comes to these things. $MSFT screwed the pooch, but they’re just a big bank that just happens make software and horrifyingly bad products anyway. I don’t think $AAPL will see a good number, and I bet you a buck it goes lower into earnings.

So play it long until the trend changes. Have a great weekend. Here are some summer set ups.

$AEGR toyed with what could be a major breakout all of last week, but didn’t get the job done. Maybe this week. Watch the 80.50 area with volume. I think this one will eventually tag 100 bucks.

aegr

$MM – I’ve been talking about this one from the 8.80 level, but still have a target to the 200 day moving average around 10.50, then perhaps higher, as it has the potential to really move into that gap.

mm

$CLDX After breaking out in early July, this one is consolidating. Watch for another move over the 21.75 area for higher prices.

cldx

$FORM is working a nice little bull flag, watch for a breakout with volume around the 7.70 level

form

$CLVS – Since the massive breakaway gap in early June this one has been in a very constructive coil. You can get long over 80.50

clvs

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Joe Donohue

Joe is a full time trader with 25 years experience. He is a senior contributor and investor in Stocktwits and has been seen on CNN Money and quoted in Marketwatch, Forbes, Reuters, NY Times and Wall Street Journal.