I thought it was bad with Hillary’s war on biotech, but Donnie isn’t even elected yet and he’s already launched two shots across the bow against bio/pharma and his wish for competitive drug price bidding.
Trump spoke today, and as he made comments, IBB dropped from 286 down to about 275 in about 20 minutes. It ended the day around 277. The selling in IBB also occurred on about 3X normal volume, so we’ll have to see if things can settle a bit tomorrow. His timing is epic as our stocks were incredibly giddy today and were pushing higher. Oh well, that’s the stock market.
I’ve talked abut a few stocks on the blog this week and today I added two of them, NTNX and CLF. Both have strong technicals and volume has been picking up.
NTNX is breaking out of some downtrend resistance and kind of a big falling wedge pattern. It has a little resistance at the 31 level, but once it gets above there I”m looking 34-35
CLF may have seen its pullback and may be getting ready to run at those early December highs and even higher. I’m looking 10.75 then 12-13 on this one. If you look at the weekly chart targets are much much higher, so if you fancy yourself a buy and holder you may want to give this one a year or so for the bigger move. VALE also looks good in this space.
Housekeeping Note
There have been many new subscribers to the site over the last couple of months, so please remember to check into the blog every night, but make sure you also check the P&L tab on the blog too every night in case I make stop adjustments or add or subtract stocks. This is especially important if you are following my recommendations and are playing along at home.
Have a great night and don’t hesitate to email me if you have any questions whatsoever.
Joe