What A Chopfest

choppy fest

Top Definition. Chopfest. An overcrowded, alcohol themed festival dedicated to the Portuguese culture, which typically occurs annually during the month of June.

Day traders are having their way this market and right now I don’t blame them. Do you really want to be really long or short into a three day weekend when the unemployment # prints on a day when the market is closed? Trapped much?

So this why we see the S&P rip 20 handles and next day drop about 20 handles. Flippers are having a ball and they can push stuff around. Enjoy the chop and flop.

I don’t know if the market will make any kind of substantive stand or statement until next week, so the next few days will probably exhibit more of the same.

Historically April is a phenomenal month for the market and based on the lack of any pending disasters and a semi oversold market, I think we need to get ready to make some loot cakes soon.
Biotech (IBB) hasn’t been itself since that topping type day a couple of weeks ago, but there continues to be good action in individual names within the group. Leaders like BIIB, CELG, AMGN and especially GILD need to wake up. Right now they are weighing heavily on the etf.

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