A Thing Of Beauty, But Be Careful Here

What a cool week it was. The bulls are ravenous and just keep pushing things higher. Yesterday was quad witching and $SPY paid its quarterly dividend. There is great action everywhere and even some momentum names came out of hibernation. Some are already up 20-30% off their early May lows.  Cloud, biotech, software as a disservice and IPO’s all are looking better. Nothing like a good shakeout.

So what’s up for next week? It’s the end of the trading month, the end of the quarter, and we put a fork in the first six months of the year.  Hard to believe we are half way home.  It’s possible that they run and gun this thing into the end of next week, but be careful because the $SPX is at the tippy top of its channel. Here’s a picture.


Can it break higher? Sure, why not, but this is NOT the place to be chasing anything.  Look for names that have been sold already, but are seeing constructive action in their charts.

Biotech is back with a vengeance and I’m seeing phenomenal setups all over the place in that space. Actually $IBB tried a breakout on Friday. Picture below. Nice base, looks higher too. Stocks like $RARE, $JAZZ, $CELG and $BMRN had nice moves.


Many stocks in the energy space ($XLE) are way stretched, this happens a lot and they should not be chased. $AAPL looks a bit tired here.

I’m looking forward to next week and the second half of the year.

Here is how my subscribers are doing for June. Come by and

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