Resilient Is An Understatement

If you look at the 10-minute chart of the SPX you will see a lousy opening.  That lasted until about 10:30 and then the buyers stepped up.  The chart was basically the same on the other indexes too.  For you newer subscribers its good to know that I rarely take stops in the first hour because that can be the “knee-jerk” hour, positions get squared and fear and greed can get a little out of whack.  Many time (especially in a bull tape like we are in), prices will recover.

QURE gave us incredible angst yesterday and then popped 60% today on record volume today. Go figure.

I am limited to time tonight, but biotech also started out weak then rallied a bit, but it still closed down on the day and it was yet another day that the sector saw a lot of 4-5% losers.  I’m still bullish for now though.

XBI held some more support but now needs to take back that 21-day simple moving average which is up at 86.50.  It closed today at 85.71, so we’re still in the game.

I’m on the hunt for some more ideas, stay tuned.

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