{+++} The market had another good day today, as the “risk on” mentality continued for another day. Short term support remains at 1869 and 1841, with resistance at 1901 and 1929. These levels have been “money” so watch them. Fun stat,,,,,,,Tuesday is the only day that has been up every time in 2014. So hooray for Tuesday.
Biotech had another good day, helped along by the VRX for AGN takeover news. GILD and ILMN also reported blowout earnings after the close today, so I would expect another good day tomorrow. The other big kahuna in biotech, BIIB, reports tomorrow before the open, so another good number there could really get the shorts running some more.
Our BIB addition is moving along nicely. Notice the red arrow in the chart below. That is where the downtrend line comes into play. That will act as a little resistance. Hopefully BIB can dig higher. The level for a short term target is around the 84-85 level. MACD indicator, turned up today so bullish.
Buy TAN-I have been watching the solar stocks with interest and they are all are starting to curl higher and look better technically. I am adding TAN long tonight to the P&L. Buy the 43.00-43.70 area. I’m going with the solar ETF instead of an individual name because you will still get upside should the group continue to rally without the specific company earnings risk.
See you in the morning.