Apologies for the brevity of tonight’s post but I’m on the run and just wanted to touch base.
Crypto continues to act well here. EHTE, MARA, and RIOT are trending bullishly. I added COIN today which is the toll booth for a lot of this crypto trading.
The Russell led the indexes today +1.8%, so if this isn’t a “one-off” maybe we can start to see some better action in the small-cap growth names.
Financials and energy were better today but what is most interesting is the excellent action in biotech as XBI popped 3.8%. XBI closed at 129.50, the 50-day moving average is just above at 130.68. If XBI can close above that at some point soon, I think we could maybe see a new leg up in biotech. LABU would be my play.
Have a great night. Here is the updated August P&L.