Biotech is one of the most attractive sectors in the market and very oversold. It'll be explosive when it turns up. The bigger picture looks good but I think short term a weak SPX is keeping the lid on it.
Importantly on May 11, the U.S. will no longer officially be in a COVID-19 emergency.
The pronouncement is particularly interesting to time a low and turn up in Biotech...
UVXY coming up off oversold on Weekly!
ReplyDeleteThanks for the update!
ReplyDeletesc,
ReplyDeleteI am looking for another run to Spx 4200 for a double top, are you buying UVXY here?
It is possible that the VIX goes down to touch the lower trendline. SPX maybe not ready to run yet but it will.
DeleteWhen vix 30?
ReplyDeleteIt could take a while as we wait for full blown recession to hit.
Delete4000 SPX, higher then crash?
ReplyDeleteSPX is weak but boring. It may slump here a bit but nothing major yet. The biggest declines will come later.
ReplyDeleteGUSH is taking a hit! Oil stocks are the most overbloated. DRIP as I've said appears to be the best trade.
ReplyDeleteHow about LABU, good entry level?
ReplyDeleteBiotech is one of the most attractive sectors in the market and very oversold. It'll be explosive when it turns up. The bigger picture looks good but I think short term a weak SPX is keeping the lid on it.
DeleteImportantly on May 11, the U.S. will no longer officially be in a COVID-19 emergency.
The pronouncement is particularly interesting to time a low and turn up in Biotech...
With the plunge in Energy, volatility should see a pop but just limited to a moderate size move.
ReplyDeletehigh rates hit capex on reits, IYR in very bad place here, could fall pretty hard. DRV sports 76 target, SRS 36
ReplyDeleteThe first bank closure of the Cycle - SVB.
ReplyDeleteUVXY fires up the engine!
ReplyDeletehttps://youtu.be/_5AwnV3UWUc
Once UVXY turned up off oversold levels that precipitated a bank failure with deteriorating markets.
ReplyDeleteSCFebruary 24, 2023 at 11:16 AM
"UVXY coming up off oversold on Weekly!"
UVXY Calls, SPY puts - LFG
DeleteThanks Rob, still a good amount of downside ahead
DeleteUVXY could soar from these levels. How low for SPX into next week?
DeleteI think we'll see lower SPX but there may some reprieve here this week.
DeleteVix hits 30!!
ReplyDeleteAre you still expecting uvxy 10 dollar or was it s miscalculation ?
DeleteIt's still a bit of a slug but it can do it.
DeleteWell done SC!
ReplyDeleteThank you Joe!
DeleteSure enough market rally as I'd suggested yesterday.
ReplyDeleteNew chart posted!
ReplyDelete