{+++}It was a another flat day for the market today. The market seems to be consolidating ever since it broke down last Thursday. There is very good action out there though.
Amazon failed again with its earnings report after the close tonight and the stock is down 35 point or 10%. BIDU had a good report and the stock is up $17 or 8.5% right now.
There was a report that Zillow (Z) wants to buy TRLA today. Zillow popped 15% and Trulia (TRLA) popped 32% as a result. Good times.
A chunk of big biotech earnings have been reported: CELG, GILD, ILMN, BIIB. As a result we saw some profit taking in IBB today and after a four day rally, it surrendered its 20 day moving average. AMGN and REGN are still on deck.
JD is getting close to a breakout and for the third day in a row it neared that 29.40 level. The good number from BIDU may light a fire under the China stocks.
When they asked Willie Sutton why he robbed banks, he said because that’s where the money is. Right now the money is finding China names.
Right now the China names continue to display nice setups, so I am adding DANG to the p&l tonight. Buy at 14.10 which was today’s high. Today’s volume was about 50% better than its 50 day volume average and the macd curled up. So looks good, but I want to see it get above today’s high to confirm. I’m not sure it will do it on a Friday, but keep your eye on it.
See you in the morning.