After Monday’s sudden gap-and-go day to fresh record highs, the market’s been unable to generate any follow-through, and as of Thursday’s close, is just about where it was last Friday. Underneath, places like retail and energy have been struggling mightily, but despite that (as well as continued dire warnings from the bears about things like the Hindenburg Omen and a flattening yield curve), there’s been some good surprisingly good trading out there.
It’s not quite what we saw last summer when speculative names were flying higher on a daily basis, but the hot money has been chasing around biotech names, creating tremendous opportunities for alert individual investors. Just look at the Biotech ETF, IBB, and you’ll see what we’re talking about. This sort of action can last longer than seems reasonable, and it can be rewarding as long as we’re being disciplined.
Let’s take a look at some charts.
At the time of this post, RevShark had no position in any of the stocks mentioned.
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