Ahh the good old days, smoking Lucky’s during the 1920 Tour de France
Never short a dull market.
Well that’s what they say, and from my twenty five years of trading I’ve found it to be true…for the most part. Folks think “well it stopped going up, so I guess its ready to go down”. Its never that easy and the bulls can wake up from their own boredom just as quickly.
The Biotechnology ETF (IBB 363.59, +3.11) gained 0.9% with the sector contributing to the outperformance of the Nasdaq. After all the belly aching by those elitist bio haters, IBB, after its correction, is only about 4 points from its all time closing high. Put that in your pipe and smoke it. I think the next two weeks will be really interesting as ASCO 2015 starts in two weeks. Probably some fireworks on an individual stock basis.
I recommended CLVS today because the chart is constructive and they should have some very good things to say at ASCO.
Today I trimmed a little AMBA and REGN as they have had nice moves this week. (See P&L for details).
I also made a stop adjustment on PTBI.
I do still think though, that possibility exists for maybe a hard 2 day pullback, before we run higher again. Looking forward to a patented low volume summer rally.
See you in the morning.