Monday Market Wrap

{+++} Today was one of the slowest trading days in years and we are truly in the thick of the summer doldrums.

Biotech sold off today led down by REGN which has just been getting hammered of late. I believe it is the second largest holding in IBB. It hit daily support today, so it will be interesting to see if it bounces over the next few days.

Materials, gold mining and steel were the best performers today. Rotations are interesting aren’t they?

I added YELP as a new long to the P&L today. I like the chart and I think the acquisition of OPEN will keep a decent bid in the stock, it should scare the shorts away too. Maybe 85 short term.


The market continues a sideways higher drift here. Barring an “event” we may see this for a while.

See you in the morning.


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