No Market For Old Men

Dow: +161.41…
Nasdaq: +60.66… S&P: +15.87..

Bizarro world. The Dow was down about 400-450 at its lows overnight and ended +161. So, just your run of the mill 600 point bottom to top move. The same can be said for the other indexes. I mentioned the Dow for you members that are over 90 years old that still watch the Dow.

Gold, silver, and crude oil gave up enormous overnight gains and all closed red today. The miners especially did poorly.

Most notable were the software stocks (IGV) which added more gains and more all-time highs. They cant be stopped right now after being puked and kicked to the curb a couple of months ago.

Semiconductors closed about flat.

Biotech (XBI) is interesting here. I talked about that uptrend line being important. It ended up holding that uptrend line through this little selloff though. It broke the line intraday over the last couple of days, but its where they close them that matters.

I’m seeing a lot of great setups in bio. I will keep you posted.

I added XENE today. It’s a biotech that looks good. Notice the coil/consolidation since it broke out back in November.

Yesterday it broke out of that coil on 3X normal volume, today it followed through a little bit. If it can get through 15.95-16.00 with volume it can get going. Targets high teens for starters.

In the “talk about timing” department, let me tell you what happened with GRUB today. I always set alerts on stocks that I’m watching. Levels where I want to buy or short.

Anyway, I got an alert on GRUB today, I had placed the alert about a week ago. I looked at the chart, saw that it was at my breakout spot, so I typed the email to you guys, hit send, and about a minute later it ripped $4 and stopped trading. The news was that it is hiring bankers to get sold. The stock ended +$6 or 12%.

If I was a minute earlier we would all be fat and happy right now.

Damn shame but that’s the market.

I raised a bunch of stops tonight. The P&L is here, but please get in the habit of reviewing it every night on the website because I won’t always tell you when I am making adjustments. I’m doing it tonight because we have a lot of different names and I adjusted quite a few things.

Have a great night.

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