Wednesday Market Wrap

{+++} For the day the SPX/DOW were mixed, and the NDX/NAZ were +0.50%. Bonds gained 1 tick, Crude rose 60 cents, Gold dipped $2, and the USD was higher. Tomorrow: weekly Jobless claims at 8:30, then New home sales at 10am.

BIIB reported the best earnings in 10 years before the open today and the stock ended the day over 11% . I would expect some upgrades and price target increases in the morning.

I added a new stock today, JD, it should be bought at the-29.40-29.50 level. It came close to a trigger today but didn’t make it.

If you remember we stopped out on MDVN a couple of weeks ago at about a breakeven. I am adding it as a long tonight with a 79 buy point. The techinicals are getting better and if it can get through that price point I can see it filling the gap to the 84-85 level at a minimum. Notice the volume accumulation over the last several days. It reports earnings on august 7.