|Day Low/High||24.78 / 25.86|
|52 Wk Low/High||1.94 / 28.00|
We should be trading this kind of action, rather than making big market direction calls.
We are now seeing why it is so important to focus on price action rather than the negative arguments.
A trade deal will likely emerge but it's not going to be easy and the market is going to be volatile while it awaits.
It is easy to argue that this market should be rolling over but it is not and that means we stick with what is working which are long plays.
The FAANG names are mixed but there continues to be strong momentum in some select big caps.
This trading is starting to create some fairly deep pullbacks.
At this juncture the action is looking like nothing more than a routine pullback of an extended market.
We have to wait for APPL's 1:00 pm ET event before we have a better feel where things are headed.
The fact is there are few more complex areas of the market than the small-cap biotech sector. Patience is key.
If you listen to some pundits, you are foolish to trust the trend and should be rushing to sell in order to prepare for the disaster that awaits naive bulls.
I have cut a number of positions into China trade news and my timeframe is short.
Other than the Dow, most of major market indices are showing small gains heading into the last hour of trading. The biotech sector has not participated in today's rally and is down some 0.75% on the day so far. I am watching a few small biotech and ...