Nasdaq: +20.00… S&P: 0.00…
The SPX was 0.00% today. You have to get up real early in the morning to accomplish that by the close of business. The good thing about the indexes is that they have worked off all those really overbought conditions and that’s a good thing. Lets not forget that we have earnings starting in full bloom, so it will be interesting to see what effect that has on the markets.
Oil is starting to back off, as you can see below, its breaking some uptrend line support after tagging that 55 level a week ago.
As a result the energy stocks are selling off.
Biotech remains strong and the XBI is holding gains so far. I see the next short term target to be around 68-69.
We have roughly 5 biotech related stocks/etf’s and they are all acting incredibly strong.
Today CMG guided heinously as sales decreased 20.2% in October 2016, decreased 1.4% in November 2016, and increased 14.7% in December 2016 on easier comps. I still think this could be one of the biggest pukes in 2017 but I took the stop. We had 13 bucks in this one quick, so if you took the gain good for you, I wasn’t so fast, but I have a good feeling I will get a better price short this one again.
Last night i highlighted 3 stocks to watch ARRY, EXEL and NTNX. The first two popped 4% and 7.5%, ARRY would have been hard to buy as it gapped, but EXEL was buyable at the open. NTNX still looks good, I will let you know if I add it.
Also, those little metal names like CLF and VALE are starting to look better again, so I’m watching those as well.
Have a great night and I’ll see you in the morning.