Still Looks Squishy


This still feels squishy to me. It always happens in the midst of rotation changes. The market is selling $IBB for $IBM, and selling $SPLK  for $INTC. The old guard stocks helped the Dow today. They want to hide in what they feel are the old stodgy blue chips. They don’t bite so hard.

$IBB held some lateral support today. We’ll see if its trying to “carve” out a bottom here. Maybe its just taking a breath before it annihilates the proletariat. There was a biotech stock that got European approval yesterday, had great news on a Phase 2 drug and today had a price upgrade from 20 to 65.  The stock barely budged. Two weeks ago it would have ripped 35%.

Not sure if today was a head fake or not.  The Dow was up, but it still looked real sloppy to me.

Tomorrow you get to watch Candy Crush trade. Oh Joy.

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