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The market chopped today, there were many fits and starts, but it ended with a lack of conviction either way. I am weighted in biotech right now and although the rewards are great (see GNOM and KERX) the hits can be tough. Today ACHN was downgraded over at Bank of America, so the fast money sold. I consider myself fast money, but I didn’t sell and sent an email to that effect. We will see if they sell the bounce in ACHN tomorrow or buy the dip. They tried to buy the dip later in the day today.
Certain sectors are going through the give and take phase. Coal was hot yesterday, but not so much today. Money is churning around ( much like many of your accounts).
Chop is tough and as the market goes higher, many are cautious.
It is just this type of market that could explode higher. We’ll see.
See you n the morning.
Joe