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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- PRE MARKETJune 18, 2018 - 8:11 am
Yuck…yuck and more yuck. Start with some money losing IPOs romping and stomping to the upside. Add in over 50% of the market bearish while some indices go to new highs. Add in very extended leaders. Add in put/call numbers off the charts bullish…and start the week with yuck. That 2800 area may be a […]
- WEEKEND NOTESJune 17, 2018 - 8:30 pm
Just for today, will not discuss what IS working. We do that in just about every report as well as on our radio show. What amazes us is how many things are still not working. Those areas are not necessarily bearish but are certainly not bullish. Most are in different levels of not working. UTILITIES […]
- RADIO SHOW 6/15June 15, 2018 - 7:10 pm