Dow: +21.03…Nasdaq: -18.72… S&P: -0.25..
The market took a rest today, but the Nasdaq continued its descent into hell. Don’t get me wrong, the market internals are healthy, but the Nasdaq refuses to play along, at least for now.
AAPL, GOOGL and AMZN are all at or below below their respective 200 day moving averages right now, you would think this should act as an area of support, but right now who knows? Very weak action.
Mike Tyson said “everyone has a plan until they get punched in the face”. Sometimes you plan, do the work and it still ends badly. We had a situation like that today with PBYI for those of you that took the long on Friday. Here was a beautiful pattern, a pattern that for me has a about an 80% probability of success that just blew up. Late Friday, the former Attorney General of Louisiana, now a partner at a big law firm, announced that they had commenced an investigation into Puma . Well they shot first and asked questions later and we hit the stop.
In better news, ABEO triggered and popped 15% for the day. EDIT added 4% to 17, ABEO lifted 14.7%, CLVS popped almost 5%.
PI triggered and rose 4% for the day. GIMO triggered at the open then pulled back.
Intraday I added BMRN. The stock is working on a nice bull flag as it consolidates its recent move I have a first target of 101 then 107.
Two stocks that are in the right group that may be setting up for even higher prices are CLF and VALE. Keep an eye on them, I will keep you posted.
See you in the morning.