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For more than a month now, following weeks of choppiness and sell offs, I've been pointing out some nice set ups in various sectors. We are now seeing decent trades and some follow through, so today I want to point out an area that I think we all should take a look at...
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SPX - When we gapped up over that trend line ( Again, see April) and held above the 50sma, it was obvious that the bull market remains in tact. The SPX also experienced follow through last week. I'm not saying that we will drop soon, but that last Gap in April was filled at the next dcl as a back test of the break out. If we get more sideways movement than upward , that may be what is happening.
SPX WEEKLY - Bullish, though extremely overbought.
Read More We traded LABU ( XBI, IBB) in June and made some quick gains. I believe that it may be time to go biotech again.
XBI - After a solid run higher from a bullish W pattern consolidation, the XBI & IBB has formed a bull flag. Both broke higher with increasing volume yesterday. This can be bought here with a stop under the bottom of the flag. I want to point out that this Flag MIGHT turn into a longer consolidation pattern too. See the next chart...
XBI JULY 5th - I noticed that some readers were shorting XBI & IBB in early July, so this was my chart from July 5th showing that a bull flag could form, not making it a profitable short. It could run sideways for weeks until the 10ma on a weekly basis catches up. My target has been the former highs around 90 .
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