Market Wrap

Dow: +104.42…
Nasdaq: +1.42… S&P: +14.59…

The S&P gained 0.3% on Wednesday, setting another pair of intraday and closing record highs in a mixed session. The Nasdaq (+0.01%) eked out a record close by the slimmest of margins after opening solidly higher in record territory. The Dow gained 0.3%, while the Russell 2000 fell 1.0%.

You wouldn’t know the indexes are at the highs based on stocks that I own right now. The market makes new highs, I’m red, and I know it’s not just me.

I’m not making excuses, this happens, and its happened a couple of times over the last several months.

You hit a drawdown period where stops get it, some at good profits some at losses, then you reload again.

It’s all part of the filtering out process I guess, but there’s no doubt that some stocks are getting hit harder than others right now.

Amazon’s Bezos has retired. The cumulative returns of AMZN during his tenure as CEO: +234,000%. (the change in appearance however cost less than $10,000 of high-quality HGH.)

So biotech looks sketchy right here but a few names look good. I’ve talked about SAVA as my favorite which got a price upgrade today to $190. I still like it, but take a look at INMB. It also got a price upgrade today to the $40 range. Both are involved in Alzheimer’s research. I love both charts, (I’ve liked SAVA since mid-30’s) but INMB is a little cheaper and also has a great chart. $20 is the breakout spot.

See you in the morning.


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