The market opened on a very strong note today, then gave back all the green, went red and then started basing around the lunch hour and then managed a slightly green close on the SPX. Good clean fun right.? Lulls you into a sense of security, hits you with a kettle bell to make sue you’re paying attention and then it rallies as if nothing happened.
One very positive event today was that the biotech etf, IBB closed at an historic high. Talk about a sector with mojo. Below is a 5 minute chart of today’s action.
I added two new names today (both we played before). I started KITE with a 1/3 position and TSRO.
I have one new addition tonight and this is the first time I’ve done this since I used to go drinking with the Wright Brothers, but I’m adding (VA) Virgin America to the P&L.
Buy the 41 area as it moves above the top of wedge.