Thursday Wrap- Two In a Row

{+++} The market has put together two in a row. Some of those crazy stocks are getting oversold bounces, and that is helping. Maybe they have been pulverized enough and are ready to step up and go a little higher. Growth wont stay down forever, its just a matter of when, and they have to start somewhere.

The summer months can be interesting. Often times the market will go higher because many of the players aren’t around and most folks wont short a dull market. I’ve seen it a million times and I don’t just mean since 2008.

In the spirit of me being a complete Debbie Downer, I will note that the QQQ is nearing some lateral resistance. Please see chart below. It will be important for it to blast through the level for the uptrend (reversal) to continue.


The Russell could hit some resistance around the 112 level. See white downtrend line.


All in all it has been a better couple of days and risk came back on. Biotechs also caught an oversold bounce and the IBB closed over its 50 day moving average for the first time since March 21.


Today I added a new name to the list, MXWLCBS and YGE also went live today.

Lets have a great Friday. LO continues to trade like a biotech

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