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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 .
Read MoreThe climb is hardly ever straight up.
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SPX - We were anticipating a trend line break and a close above the 10 sma to help confirm a dcl. We got it. The last time that this happened, the gap filled one month later.
Read MoreI've been posting a variety of trade set ups in the past few reports, and we are seeing some nice follow through. Let's take a quick look at a few Market Sectors and then discuss more trade set ups, and current trades in the works.
NASDAQ - The NASDAQ closed above the 50sma and the 10sma and that is a bullish start to a new daily cycle. We do need an overhead trend line break, but I wouldn't wait that long, I would go long on this close above the 10 & 50sma and just keep an eye on it until it gets a bit higher.
SMH - This is a bullish chart. It is ahead of the NASDAQ, because it did break an overhead trend line already. This is a buy here above the 50sma.
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