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The SPX finally closed above its 20 day moving average today. This isn’t champagne corking news, but it is a good sign considering that it hasn’t done so since May 30th. The hourly MACD turned up yesterday, but the daily hasn’t turned up yet , but it looks like she wants to. It all depends on the Fed tomorrow.
It’s a shame when beautiful charts get busted, but that’s what happened to MNKD today. It stopped out. There was no news other than some bad news on a competing drug by Eli Lilly. There was some huge sell side volume in the stock, most of which took place in some high frequency black holes. The stock traded over 38 million shares. I love this story, but something is obviously up, so let’s watch for a few days.
Fed day is tomorrow and the market is trading like it will be a non-event. That scares me just a little, as i would have much preferred bearish action going into Bernanke the last couple of days. We’ll see if good news is good or good news is bad soon enough. As I said though, the SPX pattern is starting to look bullish and the bulls are back in charge.
All the names on the P&L look pretty good as new buys and you can still reference Sunday nights post if you’re looking for ideas. TNGO, JIVE etc….
The EVC chart looks interesting, and it doesn’t have a lot of resistance until the 7-7.50 level.
GTXI – acts well and is consolidating in a flag. Biotech has been a little hit or miss lately but it still looks good and can break out over 7.25 with volume.
TNGO is flagging bullishly and looks like it just needs a push.
JIVE is in its second bull flag and actually looks like a cup and handle with a handle ( I think I just invented that term). Anyway, keep you eye on it.
YY is holding its uptrend line. We were stopped last week on this one, but i reentered. Once this one starts going, I think it can be good for 4-5 points quick, but watch the stop because its a Chinese stock and anything can happen.
Here is a new name to watch. I will add it to the P&L on a break through the 6.75 level which is where you can buy it.
KTOS
