{+++} Well, we’re about 45 handles off the top of the SPX, and today, although ugly, the SPX held its 50 day simple moving average and managed a miniscule uptick of the level. Recent market action would imply an “up” open tomorrow but who knows. It’s really tough to find market traction during earnings season and I say it every quarter…”I detest earnings season”. The natural flow of the market gets disrupted as the street hangs on every word, per-announcements are routine (can knock your block off), and negative reactions can be disastrous.
CRUS reported horrible news after the close yesterday and it filtered over to APPL today. AAPL had a horrible day as it broke 400 for a brief spell. It closed just over 400. I still think 370-380 is in the cards. we’ll see. It is oversold, so it could bounce. My great wish is that they flush it out to that 370-380 level BEFORE earnings, this way all the bad will be discounted and we can trade it long. Right now its a falling knife and its tough to pick a spot.
Anyway, as tough as the market looks the last few days, there are still some nice setups. Most seem to be in the biotech patch. Here is one to watch for tomorrow.
CLDX — Buy the 12.35 level with volume. Stock is in a rising channel and is getting squeezed at the apex as you can see but the tightening white lines. Target 14-15
