We are less than thrilled at what we are seeing here. End of quarter today not so good. 50% of the market is already bearish…which makes us watch the other 50% closely. When markets are at or near highs, a 50% number is more than subpar…telling us fewer and fewer soldiers are going up the mountain. So pay attention here. Specifically, pay attention to the biotechs and to a little lesser extent, the semis. You already know our thesis on the biotechs. This is where the risk is…which cuts both ways. When it works, it works well. When it doesn’t, look out. Time to watch the BIB,IBB and BBH. All held the 50 day recently but now looking like a potential lower high. A break back below the 50 day would be worrisome because if the big strength gets taken out, the not so big strength goes bye bye. So again, pay attention here.
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- RADIO SHOW 3/20March 20, 2018 - 6:46 pm
- Yesterday and Pre MarketMarch 20, 2018 - 9:19 am
Futures up a wee bit after a rough day yesterday! Before yesterday: About 55% of all stocks in our universe were below resistance and the 50 day average. Quite a few are much worse. There remain many bearish areas like real estate, utilities, housing, energy, oil & gas, a ton of consumer staples, a bunch […]
- RADIO SHOW 3/19March 19, 2018 - 9:09 pm