Wedneday Market Wrap- New Setups

For the day the SPX/DOW were +0.35%, and the NDX/NAZ were +0.80%. Bonds lost 8 ticks, Crude dropped 90 cents, Gold fell $6, and the USD was higher.  Tomorrow: weekly Jobless claims at 8:30, then the Budget deficit at 2pm.

Biotech went back to monster mode today and there was good news in names like PCYC, MDVN and ALNY.  The IBB etf was up almost 2%

As you guys know we took some profits last week as the market started looking a bit tired. When the market goes higher and higher I have a tendency to worry more about what you can lose and not so much how much you can make. As a result I tighten stops even more, especially on the riskier biotechs.  Sometimes maybe a bit too tight. As a result we were stopped on RCPT yesterday and today it popped 25%. I was stopped, if you held on, a big congrats. It happens.

I am adding some new names tonight.

ALNY– As you remember I had this on the list a week or two ago, but it never triggered so I removed it. I will now add this as a long because the volume was great and it is now near my original trigger price.  Buy the 70.68 spot which was today’s high.


ISIS– I like this on the pullback.  Buy the 39.50-40.50 range.


CLDX– Decent setup on this pullback. Bull flag still in tact. Buy the 15.30-15.80 range


Lastly, I am revisiting UBNT. But the 47.80 spot.


Tomorrow is 9/11 and I’ll be down at the Trade Center to see some old friends in the morning, so I should be back on the desk around 10:30-11 am. Good luck, see you in the morning.



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