XBI Biotech has been weak and is only finding some temporary support at the 200 daily average. This is a common chart and typically lower prices follow. Daily
Oil consolidating a little. Looking at XLE the weekly chart continues to show tremendous strength with both 50 and 200 averages pointing up. We do have to wait for timing, the 200 should start turning up more aggressively.
VIX is relatively low but can stay lower for extended periods so it's all about timing. I think we could do something with VIX this year possibly to 30. So let's wait until it's ready.
XBI I believe is about to plummet to $75
ReplyDelete67 is possible
DeleteWhile SPX had seen a 5% correction, Biotech has dropped 20% so far...
ReplyDeleteSC - oil pulling back - let us know when you think is a good time to load up on XLE calls? or still have more time to wait?
DeleteOil consolidating a little. Looking at XLE the weekly chart continues to show tremendous strength with both 50 and 200 averages pointing up. We do have to wait for timing, the 200 should start turning up more aggressively.
Deletewell, one dovish comment by powell, reducing runoff by 25Billion a month and one bad job report, bearish thesis wiped out for biotech now
ReplyDeleteSC, What about VIX?
ReplyDeleteVIX is relatively low but can stay lower for extended periods so it's all about timing. I think we could do something with VIX this year possibly to 30. So let's wait until it's ready.
DeleteAs I say the best opportunity out there in my view is long oil shares.
ReplyDeleteSC, do you see spy to 600?
ReplyDeleteProbably it will see a fresh high but it's going to have more difficulty advancing. It'll be slower going with corrections.
DeleteMETA certainly looks like a short...
ReplyDelete