It was a better day today and the bulls stepped back up. Biotech led the way after BIIB reported some good news on their Alzheimer drug. At one point BIIB was up over 30 points in the very early going, but closed up 20 bucks. IBB was +$6.00 or 2%.
Speaking of biotech I sold 1/2 positions in TSRO and ACAD for +9.0 and +10%.
It looks and feels to me that we may have a nice Santa Clause rally on the way. Note the “official” time frame of reference for a “Santa Claus rally” is usually between Christmas and the New Year; however, as with most holidays, the market tends to anticipate such historical trends, so that’s why I think it could happen a little sooner. A week or two of consolidation/pullback activity here in early December could set up some strong buying opportunities into year-end.
Here are a few setups that I am watching:
See you in the morning.